Verona, Ohio Property Taxes
The median property tax rate in Verona, OH is 2.41%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Verona at $84,590, the typical annual property tax bill reaches $1,948, which is below the national median of $2,690. Property taxes in Verona 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 Verona'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 Verona 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
Verona, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$2,039
Ownwell’s Verona Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Verona to provide an estimate of 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 Verona, Ohio
Property taxes in Verona, Ohio, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona is 2.41%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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 Verona's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45378 zip code has the highest median property tax rate of 2.41%, while the same zip code also has the lowest median tax rate of 2.41%. Understanding how these cities compare with Verona 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 Verona Tax Rate
2.41%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45378 | 2.24% | 2.37% | 2.41% | 2.43% | 2.46% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Ohio
In Verona, 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 Verona, 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 Verona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 45378, with a tax bill of $1,948.
Average Verona Assessed Value
$84,590
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 Verona, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45378 | $55,350 | $68,832 | $84,590 | $97,462 | $144,702 |
Source: Ownwell
Property Tax Bills Across Verona, Ohio
In Verona, located in Montgomery County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county's appraisal office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For instance, the median home price in Verona is $84,590, and the property tax rate in Montgomery County is aligned with the state and national averages. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Verona can expect their tax bills to vary, with the 25th percentile at $1,470 and the 75th percentile at $2,361. The 90th percentile tax bill can reach up to $3,261. These taxes fund essential community services such as schools, public safety, and infrastructure. Understanding these elements can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Verona Tax Bill
$1,948
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45378 | $1,288 | $1,470 | $1,948 | $2,361 | $3,261 |
Source: Ownwell