Troy, Miami County, Ohio Property Taxes
The median property tax rate in Troy, OH is 1.29%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $179,900 in Troy, the typical annual property tax bill amounts to $2,289, falling below the national median of $2,690. Property taxes in Troy are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Troy'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 Troy or another part of Miami County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Troy, Miami County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$2,321
$2,154
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Miami County, Ohio
Property taxes in Troy, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 1.29%, which is higher than the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45373 has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Troy 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 Troy Tax Rate
1.29%
Average Miami County Tax Rate
1.33%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Miami County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45373 | 1.09% | 1.20% | 1.29% | 1.33% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Miami County, Ohio
In Troy, 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 Troy, 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. The median home price in Troy is $179,900, with the 25th percentile tax bill at $1,548 and the 75th percentile at $3,403. The highest and lowest median tax bills both occur in the 45373 zip code, valued at $2,289. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Troy, Miami County, Ohio
Source: Ownwell
$69,500
$148,150
$226,800
Average Troy Assessed Value
$179,900
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 Troy, Miami County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45373 | $87,800 | $120,000 | $179,900 | $266,000 | $374,900 |
Source: Ownwell
Property Tax Bills Across Troy, Miami County, Ohio
In Troy, Ohio, property tax bills are calculated based on the assessed value of a home, which is determined by the Miami County Auditor. The assessed value is a percentage of the market value of the property. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For homeowners in Troy, the median home price stands at $179,900, with property tax bills ranging significantly depending on the property's value and location. For instance, the 25th percentile tax bill is $1,548, while the 75th percentile reaches $3,403, and the 90th percentile can be as high as $4,697. These tax bills can have a considerable impact on homeowners, affecting their monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Troy's property tax rates reflect the local government's funding needs for public services and infrastructure. This system ensures that homeowners contribute fairly based on the value of their property.
Average Troy Tax Bill
$2,289
Average Miami County Tax Bill
$2,118
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Miami County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45373 | $1,154 | $1,548 | $2,289 | $3,403 | $4,697 |
Source: Ownwell