Eldorado, Ohio Property Taxes
The median property tax rate in Eldorado, OH is 1.52%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $89,400 in Eldorado, the typical annual property tax bill comes to $1,321, surpassing the national median of $2,690. Property taxes in Eldorado are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Eldorado'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 Eldorado 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
Eldorado, 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 Eldorado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eldorado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eldorado 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 Eldorado, Ohio
Property taxes in Eldorado, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eldorado is 1.52%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Eldorado set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eldorado 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 Eldorado's effective property tax rate to other areas in Ohio and the national median. For comparison, the 45321 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 areas compare with Eldorado 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 Eldorado Tax Rate
1.52%
Average Preble County Tax Rate
1.43%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eldorado, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45321 | 0.81% | 1.22% | 1.52% | 1.60% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Eldorado, Ohio
In Eldorado, 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 Eldorado, 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 Eldorado is $89,400, with tax bills ranging from $891 at the 25th percentile to $1,837 at the 75th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eldorado Assessed Value
$89,400
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 Eldorado, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45321 | $35,100 | $58,450 | $89,400 | $129,682 | $341,025 |
Source: Ownwell
Property Tax Bills Across Eldorado, Ohio
In Eldorado, located in Preble County, OH, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Eldorado is $89,400, and the property tax rate in this region is relatively competitive compared to the national median property tax rate of 0.99%. Homeowners can expect their tax bills to vary significantly depending on their property's assessed value and any applicable exemptions. For instance, those at the 25th percentile of tax bills pay around $891, while those at the 75th percentile face bills of approximately $1,837. At the 90th percentile, tax bills can reach up to $2,977. The highest median tax bill in the area is $1,321, found in the 45321 zip code. These variations highlight the impact of assessed property values and local tax rates on homeowners' financial obligations. Understanding these factors can help homeowners better anticipate their annual property tax responsibilities and plan accordingly.
Average Eldorado Tax Bill
$1,321
Average Preble County Tax Bill
$1,629
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Eldorado, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45321 | $584 | $891 | $1,321 | $1,837 | $2,977 |
Source: Ownwell