Covington, Ohio Property Taxes
The median property tax rate in Covington, OH is 1.20%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Covington at $140,900, the typical annual property tax bill reaches $1,696, still below the national median of $2,690. Property taxes in Covington are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Covington'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 Covington or another part of Miami County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Covington, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,691
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Covington, Ohio
Property taxes in Covington, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 1.20%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 45318 has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these areas compare with Covington provides valuable insights into the varying tax landscape across Miami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Tax Rate
1.20%
Average Miami County Tax Rate
1.33%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45318 | 0.96% | 1.14% | 1.20% | 1.26% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Ohio
In Covington, 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 Miami 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. In Covington, 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. 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 in Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,696, found in zip code 45318.
Average Covington Assessed Value
$140,900
Average Miami County Assessed Value
$159,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45318 | $23,160 | $95,900 | $140,900 | $209,300 | $311,540 |
Source: Ownwell
Property Tax Bills Across Covington, Ohio
In Covington, located in Miami County, OH, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, a median home price in Covington is around $140,900. The property tax rate in this region is applied to the assessed value to determine the annual tax bill. Factors such as local government budgets, school district funding, and public service requirements play significant roles in shaping these rates. Homeowners in Covington experience varying tax bills depending on their property values. For example, the 25th percentile tax bill is approximately $1,185, while the 75th percentile reaches about $2,417, and the 90th percentile can go as high as $3,440. These figures highlight the range of property tax burdens faced by residents. Compared to the national median property tax rate of 0.99%, Covington's rates can significantly impact homeowners, influencing their financial planning and long-term investment in their properties.
Average Covington Tax Bill
$1,696
Average Miami County Tax Bill
$2,118
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45318 | $491 | $1,185 | $1,696 | $2,417 | $3,440 |
Source: Ownwell