Farmersville, Ohio Property Taxes
The median property tax rate in Farmersville, OH is 0.98%, slightly below the national median of 0.99% and significantly lower than Ohio's state median of 1.80%. With a median home value of $128,000 in Farmersville, the typical annual property tax bill amounts to $1,630, which is considerably less than the national median of $2,690. Property taxes in Farmersville are calculated based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Farmersville's property tax system and exploring available exemptions, homeowners can uncover opportunities for notable annual savings. Whether you're located in the heart of Farmersville or its surrounding areas, gaining a solid grasp of the local property tax landscape is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Farmersville, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,254
$1,164
Ownwell’s Farmersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmersville 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 Farmersville, Ohio
Property taxes in Farmersville, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmersville is 1.22%, higher than both the Ohio state median of 1.36% and the U.S. national median of 0.99%. Local government entities within Farmersville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmersville 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 Farmersville's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45325 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these areas compare with Farmersville 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 Farmersville Tax Rate
0.98%
Average Preble County Tax Rate
1.43%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmersville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45325 | 0.86% | 0.89% | 0.98% | 1.04% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Farmersville, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmersville, Ohio. 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 Farmersville, 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. The median home price in Farmersville is $128,000. 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 example, the zip code 45325 has the highest median tax bill of $1,630. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farmersville Assessed Value
$128,000
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 Farmersville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45325 | $97,480 | $115,300 | $128,000 | $184,150 | $218,368 |
Source: Ownwell
Property Tax Bills Across Farmersville, Ohio
In Farmersville, located in Preble County, OH, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. Homeowners can expect their tax bill to be influenced by the median home price, which is $128,000 in this region. The tax rate in Farmersville is derived from the county's financial requirements and the total assessed property values within the area. Factors such as property size, location, and improvements can affect the assessed value, leading to variations in tax bills. For instance, the tax bill at the 25th percentile is $1,202, while at the 75th percentile, it rises to $1,974. At the 90th percentile, the tax bill reaches $2,007. These figures illustrate the range homeowners might encounter. Compared to the national median property tax rate of 0.99%, Farmersville's rates reflect the local economic conditions and funding needs. Understanding these elements helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Farmersville Tax Bill
$1,630
Average Preble County Tax Bill
$1,629
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmersville, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45325 | $985 | $1,202 | $1,630 | $1,974 | $2,007 |
Source: Ownwell