Trotwood, Ohio Property Taxes
The median property tax rate in Trotwood, OH is 2.99%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Trotwood at $52,895, the typical annual property tax bill reaches $1,580, which is lower than the national median of $2,690. Property taxes in Trotwood 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 Trotwood'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 Trotwood or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Trotwood, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.99%
Estimate Property Tax Bill
$1,582
$1,468
Ownwell’s Trotwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trotwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trotwood 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 Trotwood, Ohio
Property taxes in Trotwood, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trotwood is 2.99%, significantly higher than both Ohio's state median and the U.S. national median of 0.99%. Local government entities within Trotwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trotwood 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 Trotwood's effective property tax rate to other areas in Ohio and the national median. For comparison, the 45426 zip code has the highest median property tax rate of 2.99%, while the 45427 zip code has the lowest median tax rate of 2.71%. Understanding how these areas compare with Trotwood 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 Trotwood Tax Rate
2.99%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trotwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45426 | 1.83% | 2.93% | 2.99% | 3.03% | 3.22% |
| 45427 | 1.73% | 2.10% | 2.71% | 3.33% | 3.70% |
Source: Ownwell
Property Tax Assessment Values Across Trotwood, Ohio
In Trotwood, 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 Auditor 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 Trotwood, 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. The median home price in Trotwood is $52,895, with tax bills ranging significantly. The zip code 45426 has the highest median tax bill at $1,586, while the zip code 45427 has the lowest at $858. 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 Trotwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Trotwood Assessed Value
$52,895
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 Trotwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45426 | $32,081 | $43,282 | $53,400 | $65,462 | $81,829 |
| 45427 | $30,396 | $31,440 | $33,180 | $34,920 | $35,964 |
Source: Ownwell
Property Tax Bills Across Trotwood, Ohio
In Trotwood, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners, this means that properties with higher market values will generally face higher tax bills. Factors such as location within Montgomery County, property size, and improvements can influence the assessed value. The median home price in Trotwood is $52,895, with property tax bills varying significantly. The 25th percentile tax bill is $1,169, while the 75th percentile reaches $1,967, and the 90th percentile can go up to $2,565. Comparatively, the highest median tax bill in the area is $1,586 in the 45426 zip code, whereas the lowest is $858 in the 45427 zip code. These variations highlight how property taxes can impact homeowners differently, potentially influencing decisions about buying or maintaining property in Trotwood.
Average Trotwood Tax Bill
$1,580
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Trotwood, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45426 | $727 | $1,212 | $1,586 | $1,975 | $2,570 |
| 45427 | $608 | $702 | $858 | $1,014 | $1,108 |
Source: Ownwell