Lower Salem, Ohio Property Taxes
The median property tax rate in Lower Salem, OH is 1.03%, slightly above the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $56,460 in Lower Salem, the typical annual property tax bill amounts to $440, which is significantly below the national median of $2,690. Property taxes in Lower Salem are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Lower Salem's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lower Salem or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lower Salem, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$582
$540
Ownwell’s Lower Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lower Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lower Salem 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 Lower Salem, Ohio
Property taxes in Lower Salem, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lower Salem is 1.03%, which is higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lower Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lower Salem 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 Lower Salem's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45745 has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Lower Salem provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lower Salem Tax Rate
1.03%
Average Monroe County Tax Rate
1.01%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lower Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45745 | 0.57% | 1.00% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Lower Salem, Ohio
In Lower Salem, 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 Monroe 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 Lower Salem, 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 Lower Salem is $56,460, with annual tax bills ranging from $144 at the 25th percentile to $1,689 at the 90th percentile. The highest and lowest median tax bills are both $440 in the 45745 zip code. Being aware of these valuation processes in Lower Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lower Salem Assessed Value
$56,460
Average Monroe County Assessed Value
$70,885
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lower Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45745 | $1,800 | $13,970 | $56,460 | $152,115 | $246,680 |
Source: Ownwell
Property Tax Bills Across Lower Salem, Ohio
In Lower Salem, located in Monroe County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Lower Salem is $56,460, and the property tax rate is influenced by various local factors such as school funding and municipal services. Homeowners in Lower Salem can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $144, while at the 75th percentile, it can reach up to $1,201. For those at the 90th percentile, the tax bill can be as high as $1,689. Comparatively, the national median property tax rate is 0.99%, which highlights how local conditions can create a wide range of tax obligations. These taxes play a crucial role in funding essential community services, but they also represent a significant financial consideration for homeowners.
Average Lower Salem Tax Bill
$440
Average Monroe County Tax Bill
$677
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lower Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45745 | $21 | $144 | $440 | $1,201 | $1,689 |
Source: Ownwell