College Corner, Ohio Property Taxes
The median property tax rate in College Corner, OH is 1.29%, considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in College Corner at $98,400, the typical annual property tax bill reaches $1,359, which is below the national median of $2,690. Property taxes in College Corner 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 College Corner'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 College Corner or another part of Preble County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
College Corner, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$1,269
$1,178
Ownwell’s College Corner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in College Corner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in College Corner 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 College Corner, Ohio
Property taxes in College Corner, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in College Corner is 1.29%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within College Corner set these rates annually, and they can vary significantly across different neighborhoods. Each year, College Corner 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 College Corner's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45003 zip code has the highest median property tax rate of 1.29%, while the 45003 zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with College Corner provides valuable insights into the varying tax landscape across Preble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average College Corner Tax Rate
1.29%
Average Preble County Tax Rate
1.43%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across College Corner, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45003 | 0.84% | 1.12% | 1.29% | 1.55% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across College Corner, Ohio
In College Corner, 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 Preble 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 College Corner, 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. The median home price in College Corner is $98,400, with annual tax bills ranging from $932 at the 25th percentile to $2,688 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average College Corner Assessed Value
$98,400
Average Preble County Assessed Value
$108,300
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across College Corner, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45003 | $32,280 | $67,075 | $98,400 | $167,875 | $285,110 |
Source: Ownwell
Property Tax Bills Across College Corner, Ohio
In College Corner, located in Preble County, OH, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For instance, with a median home price of $98,400, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $932, while those in the 75th percentile face bills up to $2,002. At the 90th percentile, the tax bill can reach $2,688. Factors influencing these variations include property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, College Corner's property tax rates reflect the local economic conditions and funding needs for public services. Higher property taxes can impact homeowners by increasing their annual expenses, potentially affecting their ability to afford other necessities. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average College Corner Tax Bill
$1,359
Average Preble County Tax Bill
$1,629
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across College Corner, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45003 | $533 | $932 | $1,359 | $2,002 | $2,688 |
Source: Ownwell