Philo, Ohio Property Taxes
The median property tax rate in Philo, OH is 1.33%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Philo being $62,400, the typical annual property tax bill reaches $763, falling below the national median of $2,690. Property taxes in Philo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Philo'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 Philo or another part of Muskingum County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Philo, 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 Philo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philo 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 Philo, Ohio
Property taxes in Philo, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philo is 1.33%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Philo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philo 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 Philo's effective property tax rate to other counties in Ohio and the national median. For comparison, the 43771 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Philo provides valuable insights into the varying tax landscape across Muskingum County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Philo Tax Rate
1.33%
Average Muskingum County Tax Rate
1.33%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43771 | 0.93% | 1.14% | 1.33% | 1.37% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Philo, Ohio
In Philo, 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 Muskingum 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 Philo, 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 Philo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $763.00, found in the zip code 43771.
Average Philo Assessed Value
$62,400
Average Muskingum County Assessed Value
$90,600
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Philo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43771 | $4,500 | $16,800 | $62,400 | $98,000 | $136,040 |
Source: Ownwell
Property Tax Bills Across Philo, Ohio
In Philo, Ohio, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. Homeowners in Philo can expect their tax bills to vary significantly, with the median tax bill around $763. For example, at the 25th percentile, the tax bill is approximately $272, while at the 75th percentile, it rises to about $1,194. At the higher end, the 90th percentile tax bill reaches around $1,644. These variations are influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Philo's rates can be considered moderate. For homeowners, understanding these figures is crucial as they impact annual budgeting and long-term financial planning. Higher property taxes can affect affordability and overall cost of homeownership, making it essential for residents to stay informed and potentially seek exemptions or appeals to manage their tax liabilities effectively.
Average Philo Tax Bill
$763
Average Muskingum County Tax Bill
$1,192
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Philo, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43771 | $70 | $272 | $763 | $1,194 | $1,644 |
Source: Ownwell