Mount Vernon, Ohio Property Taxes
The median property tax rate in Mount Vernon, OH is 1.52%, which is considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $148,600 in Mount Vernon, the typical annual property tax bill amounts to $2,267, which is below the national median of $2,690. Property taxes in Mount Vernon are calculated based on the tax assessed value, typically lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Mount Vernon’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 Vernon 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
Mount Vernon, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Mount Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Vernon 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 Vernon, Ohio
Property taxes in Mount Vernon, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 1.52%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Vernon's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43050 zip code has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Mount Vernon 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 Vernon Tax Rate
1.52%
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 Vernon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43050 | 1.24% | 1.51% | 1.52% | 1.55% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Ohio
In Mount Vernon, 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 local 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 Vernon, 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 Mount Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mount Vernon is $148,600, with tax bills ranging from $1,329 at the 25th percentile to $4,460 at the 90th percentile. The zip code with the highest and lowest median tax bill is 43050, at $2,267.
Average Mount Vernon Assessed Value
$148,600
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 Vernon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43050 | $21,760 | $95,200 | $148,600 | $223,200 | $298,680 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Ohio
In Mount Vernon, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically represents a percentage of the home's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the home's location, size, and any applicable exemptions. For instance, homeowners in Mount Vernon might see tax bills ranging from $1,329 at the 25th percentile to $4,460 at the 90th percentile. The median home price in the area stands at $148,600, contributing to these variations. Homeowners in Mount Vernon face a median tax rate slightly above the national median of 0.99%, impacting their overall financial planning. High property taxes can affect the affordability of homeownership, making it crucial for residents to understand how their tax bills are computed and what options they might have for appealing or reducing these taxes.
Average Mount Vernon Tax Bill
$2,267
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 Vernon, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43050 | $276 | $1,329 | $2,267 | $3,328 | $4,460 |
Source: Ownwell