Mount Gilead, Ohio Property Taxes
The median property tax rate in Mount Gilead, OH is 1.60%, which is significantly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $84,200 in Mount Gilead, the typical annual property tax bill amounts to $1,420, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mount Gilead'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 Mount Gilead or elsewhere in Morrow County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Gilead, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$1,347
Ownwell’s Mount Gilead Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Gilead with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Gilead 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 Mount Gilead, Ohio
Property taxes in Mount Gilead, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Gilead is 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Gilead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Gilead 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 Mount Gilead's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 43338 has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Mount Gilead provides valuable insights into the varying tax landscape across Morrow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Gilead Tax Rate
1.60%
Average Morrow County Tax Rate
1.58%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Gilead, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43338 | 1.39% | 1.51% | 1.60% | 1.73% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Mount Gilead, Ohio
In Mount Gilead, 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 Morrow 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 Mount Gilead, 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. For instance, the median home price in Mount Gilead is $84,200, with tax bills ranging from $168 at the 25th percentile to $3,736 at the 90th percentile. The highest and lowest median tax bills are both $1,420, found in the 43338 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Gilead Assessed Value
$84,200
Average Morrow County Assessed Value
$98,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Gilead, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43338 | $2,600 | $8,600 | $84,200 | $154,800 | $240,620 |
Source: Ownwell
Property Tax Bills Across Mount Gilead, Ohio
In Mount Gilead, 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, and this figure is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $84,200 in Mount Gilead, homeowners can expect varying tax bills. The 25th percentile tax bill is around $168, while the 75th percentile tax bill reaches approximately $2,441. For those at the higher end, the 90th percentile tax bill can be as steep as $3,736. These tax bills can significantly impact homeowners, influencing their monthly expenses and long-term financial planning. Compared to the national median property tax rate of 0.99%, the rates in Mount Gilead are reflective of the local market and economic conditions. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate future tax obligations.
Average Mount Gilead Tax Bill
$1,420
Average Morrow County Tax Bill
$1,602
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Gilead, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43338 | $89 | $168 | $1,420 | $2,441 | $3,736 |
Source: Ownwell