Cincinnati, Ohio Property Taxes
The median property tax rate in Cincinnati, OH is 2.56%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Cincinnati at $81,400, the typical annual property tax bill reaches $2,581, slightly below the national median of $2,690. Property taxes in Cincinnati are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cincinnati'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 Cincinnati or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cincinnati, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$2,084
$1,934
Ownwell’s Cincinnati Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cincinnati with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cincinnati 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 Cincinnati, Ohio
Property taxes in Cincinnati, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cincinnati is 2.56%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Cincinnati set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cincinnati 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 Cincinnati's effective property tax rate to other areas in Ohio and the national median. For comparison, the 45246 zip code has the highest median property tax rate of 3.10%, while the 45249 zip code has the lowest median tax rate of 2.46%. Understanding how these areas compare with Cincinnati provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cincinnati Tax Rate
2.56%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cincinnati, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45202 | 2.56% | 2.56% | 2.56% | 2.56% | 2.56% |
| 45242 | 2.38% | 2.45% | 2.55% | 2.66% | 2.73% |
| 45246 | 3.10% | 3.10% | 3.10% | 3.10% | 3.10% |
| 45249 | 2.46% | 2.46% | 2.46% | 2.46% | 2.46% |
| 45263 | 1.70% | 2.08% | 2.65% | 5.76% | 10.72% |
Source: Ownwell
Property Tax Assessment Values Across Cincinnati, Ohio
In Cincinnati, 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 Montgomery 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 Cincinnati, 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 highest median tax bill in Cincinnati is $9,502 in the 45246 zip code, while the lowest median tax bill is $1,254 in the 45202 zip code. Being aware of these valuation processes in Cincinnati helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cincinnati Assessed Value
$81,400
Average Montgomery County Assessed Value
$98,910
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cincinnati, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45202 | $49,040 | $49,040 | $49,040 | $49,040 | $49,040 |
| 45242 | $63,924 | $63,930 | $63,940 | $63,950 | $63,956 |
| 45246 | $306,840 | $306,840 | $306,840 | $306,840 | $306,840 |
| 45249 | $187,210 | $187,210 | $187,210 | $187,210 | $187,210 |
| 45263 | $41,920 | $67,300 | $97,090 | $131,745 | $165,882 |
Source: Ownwell
Property Tax Bills Across Cincinnati, Ohio
In Cincinnati, located in Montgomery County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to produce the annual tax bill. The median home price in Cincinnati is $81,400, and homeowners can expect to pay varying amounts depending on their property's assessed value and the specific tax rate applied. Several factors influence the property tax bill, including the home's location within different zip codes, which can have significantly different tax rates. For instance, the highest median tax bill in the area is $9,502 in zip code 45246, while the lowest is $1,254 in zip code 45202. Homeowners in the 25th percentile pay around $1,773, whereas those in the 75th percentile face a tax bill of approximately $3,508, with the 90th percentile reaching up to $5,586. These taxes directly impact homeowners by affecting their annual household expenses and the overall affordability of owning property in Cincinnati.
Average Cincinnati Tax Bill
$2,581
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Cincinnati, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45202 | $1,254 | $1,254 | $1,254 | $1,254 | $1,254 |
| 45242 | $1,522 | $1,564 | $1,633 | $1,703 | $1,745 |
| 45246 | $9,502 | $9,502 | $9,502 | $9,502 | $9,502 |
| 45249 | $4,607 | $4,607 | $4,607 | $4,607 | $4,607 |
| 45263 | $2,487 | $2,548 | $2,657 | $2,926 | $3,275 |
Source: Ownwell