Spencerville, Ohio Property Taxes
The median property tax rate in Spencerville, OH is 1.47%, which is notably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $129,300 in Spencerville, the typical annual property tax bill amounts to $1,873, falling below the national median of $2,690. Property taxes in Spencerville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Spencerville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Spencerville or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spencerville, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$1,901
$1,764
Ownwell’s Spencerville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Spencerville with just two key data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Spencerville to provide an estimate of your property tax bill. This valuable tool helps you gain a clear understanding of potential tax liabilities. For those interested in more detailed trends at a neighborhood level, further localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Spencerville, Ohio
Property taxes in Spencerville, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencerville is 1.47%, higher than the U.S. national median of 0.99%. Local government entities within Spencerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencerville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Spencerville's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 45887 has the highest median property tax rate of 1.47%, while the same zip code also has the lowest median tax rate of 1.47%. Understanding how these areas compare with Spencerville provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencerville Tax Rate
1.47%
Average Mercer County Tax Rate
1.53%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45887 | 1.33% | 1.44% | 1.47% | 1.50% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Spencerville, Ohio
In Spencerville, Ohio, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Mercer County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. In Spencerville, the median home price is $129,300, with tax bills ranging from $1,296 at the 25th percentile to $2,410 at the 75th percentile. The highest and lowest median tax bills are both $1,873, found in the zip code 45887. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spencerville Assessed Value
$129,300
Average Mercer County Assessed Value
$129,600
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spencerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45887 | $26,900 | $82,400 | $129,300 | $170,400 | $266,200 |
Source: Ownwell
Property Tax Bills Across Spencerville, Ohio
In Spencerville, located in Mercer County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically reflects a percentage of the home's market value. For instance, with a median home price of $129,300, the assessed value is used to calculate the tax owed. Various factors influence this assessment, including the property's location, size, and any improvements made. Homeowners in Spencerville can expect their property tax bills to vary. For example, the 25th percentile tax bill stands at $1,296, while the 75th percentile reaches $2,410, and the 90th percentile climbs to $3,916. These figures indicate a range of tax burdens that can impact homeowners differently, depending on their property's assessed value. Comparatively, the median property tax rate in Spencerville is higher than the national median of 0.99%, reflecting the local government's funding needs for public services and infrastructure. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Spencerville Tax Bill
$1,873
Average Mercer County Tax Bill
$1,932
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencerville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45887 | $418 | $1,296 | $1,873 | $2,410 | $3,916 |
Source: Ownwell