Lower Salem, Ohio Property Taxes
The median property tax rate in Lower Salem, OH is 1.80%, aligning with the Ohio state median but significantly higher than the national median of 0.99%. With the median home value in Lower Salem at $40,430, the typical annual property tax bill amounts to $733, which is notably lower than the national median of $2,690. Property taxes in Lower Salem are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. Gaining a thorough understanding of Lower Salem's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're located in the heart of Lower Salem or elsewhere in the city, grasping the intricacies of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lower Salem, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$728
$675
Ownwell’s Lower Salem Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lower Salem with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lower Salem to provide an estimate of your property tax bill. This valuable tool offers clarity on potential tax liabilities. For those interested in exploring trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the figure determined by Noble County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Lower Salem, Ohio
Property taxes in Lower Salem, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lower Salem is 1.80%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Lower Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lower Salem 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 Lower Salem's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45745 zip code has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these cities compare with Lower Salem provides valuable insights into the varying tax landscape across Noble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lower Salem Tax Rate
1.80%
Average Noble County Tax Rate
1.86%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lower Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45745 | 1.80% | 1.80% | 1.80% | 1.80% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Lower Salem, Ohio
In Lower Salem, 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 Noble 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 Lower Salem, 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. For instance, the median home price in Lower Salem is $40,430, with tax bills ranging from $463 at the 25th percentile to $2,240 at the 90th percentile. The zip code 45745 has both the highest and lowest median tax bill at $733. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lower Salem Assessed Value
$40,430
Average Noble County Assessed Value
$69,955
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lower Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45745 | $12,026 | $25,725 | $40,430 | $96,740 | $116,576 |
Source: Ownwell
Property Tax Bills Across Lower Salem, Ohio
In Lower Salem, Noble County, OH, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in this area is $40,430. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, the median property tax bill is $733, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in the 25th percentile can expect a tax bill around $463, while those in the 75th percentile might see bills up to $1,748. At the 90th percentile, tax bills can reach $2,240. These property tax bills directly impact homeowners by influencing their monthly mortgage payments and overall housing affordability. Lower property taxes in Lower Salem can make homeownership more accessible compared to regions with higher tax rates.
Average Lower Salem Tax Bill
$733
Average Noble County Tax Bill
$1,279
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Lower Salem, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45745 | $217 | $463 | $733 | $1,748 | $2,240 |
Source: Ownwell