Houghton, Ohio Property Taxes
The median property tax rate in Houghton, OH is 2.69%, significantly higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $30,685 in Houghton, the typical annual property tax bill amounts to $825, which is lower than the national median of $2,690. Property taxes in Houghton 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 Houghton'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 Houghton 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
Houghton, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.69%
Estimate Property Tax Bill
$825
$766
Ownwell’s Houghton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Houghton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Houghton 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 Houghton, Ohio
Property taxes in Houghton, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Houghton is 1.23%, higher than both the Ohio state median of 1.52% and the U.S. national median of 0.99%. Local government entities within Houghton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Houghton 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 Houghton's effective property tax rate to other counties in Ohio and the national median. For comparison, the 49931 zip code has the highest median property tax rate of 1.23%, while the 49931 zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Houghton provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Houghton Tax Rate
2.69%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Houghton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49931 | 2.68% | 2.69% | 2.69% | 2.69% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Houghton, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Houghton, Ohio. 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 Houghton, 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 Houghton is $30,685, with tax bills ranging from $667 at the 25th percentile to $1,077 at the 90th percentile. The zip code 49931 has the highest and lowest median tax bill of $825. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Houghton Assessed Value
$30,685
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 Houghton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49931 | $21,257 | $24,792 | $30,685 | $36,578 | $40,113 |
Source: Ownwell
Property Tax Bills Across Houghton, Ohio
In Houghton, located in Montgomery 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 is a percentage of the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the property's location, size, and condition play a significant role in determining its assessed value. For instance, homes in Houghton have a median home price of $30,685. The property tax rate in this region significantly impacts homeowners, with the 25th percentile tax bill at $667, the 75th percentile at $982, and the 90th percentile reaching $1,077 annually. Compared to the national median property tax rate of 0.99%, Houghton's tax rates can lead to varying financial implications for homeowners. Higher property tax bills can affect homeowners' budgets, influencing decisions on property investment and long-term residency in the area.
Average Houghton Tax Bill
$825
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Houghton, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49931 | $573 | $667 | $825 | $982 | $1,077 |
Source: Ownwell