Tipp City, Ohio Property Taxes
The median property tax rate in Tipp City, OH is 2.70%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Tipp City at $204,570, the typical annual property tax bill reaches $5,227, far exceeding the national median of $2,690. Property taxes in Tipp City 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 Tipp City'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 Tipp City 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
Tipp City, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.7%
Estimate Property Tax Bill
$5,523
$5,126
Ownwell’s Tipp City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tipp City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tipp City 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 Tipp City, Ohio
Property taxes in Tipp City, Ohio, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tipp City is 2.70%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Tipp City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tipp City 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 Tipp City's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45371 zip code has both the highest and lowest median property tax rate of 2.70%. Understanding how these areas compare with Tipp City 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 Tipp City Tax Rate
2.70%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tipp City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45371 | 2.22% | 2.26% | 2.70% | 2.72% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Tipp City, Ohio
In Tipp City, 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 Tipp City, 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 Tipp City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tipp City are both $5,227, found in the 45371 zip code.
Average Tipp City Assessed Value
$204,570
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 Tipp City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45371 | $122,036 | $155,920 | $204,570 | $302,490 | $359,070 |
Source: Ownwell
Property Tax Bills Across Tipp City, Ohio
In Tipp City, Montgomery County, OH, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the market value of your property. Several factors influence this assessed value, including the home's location, size, age, and condition, as well as recent sales of comparable properties in the area. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Tipp City, homeowners can expect property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $3,544, while at the 75th percentile, it rises to approximately $8,018. At the 90th percentile, the tax bill can reach up to $9,448. These taxes contribute to essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners by ensuring a well-maintained community and robust public amenities.
Average Tipp City Tax Bill
$5,227
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Tipp City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45371 | $2,465 | $3,544 | $5,227 | $8,018 | $9,448 |
Source: Ownwell