Middletown, Ohio Property Taxes
The median property tax rate in Middletown, OH is 1.24%, which is higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Middletown at $131,000, the typical annual property tax bill amounts to $1,579, falling below the national median of $2,690. Property taxes in Middletown are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Middletown'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 Middletown 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
Middletown, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,624
$1,507
Ownwell’s Middletown Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Middletown using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Middletown to provide an accurate property tax bill estimate. This insightful tool helps you understand potential tax liabilities, giving you a clearer financial picture. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Middletown, Ohio
Property taxes in Middletown, Ohio, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Middletown is 1.24%, which is higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Middletown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middletown 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 Middletown's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45042 zip code has the highest median property tax rate of 1.24%, while the same 45042 zip code has the lowest median tax rate of 1.24%. Understanding how these areas compare with Middletown 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 Middletown Tax Rate
1.24%
Average Preble County Tax Rate
1.43%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middletown, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45042 | 0.88% | 1.10% | 1.24% | 1.28% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Middletown, Ohio
In Middletown, 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 Middletown, 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 Middletown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,579 in the 45042 zip code, while the lowest median tax bill is also $1,579 in the same zip code.
Average Middletown Assessed Value
$131,000
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 Middletown, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45042 | $53,140 | $95,800 | $131,000 | $180,300 | $266,518 |
Source: Ownwell
Property Tax Bills Across Middletown, Ohio
In Middletown, Preble County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the home's market value. For instance, with a median home price of $131,000, the property tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence this calculation, including the specific tax rate set by local authorities and any applicable exemptions or deductions. Homeowners in Middletown can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is $1,209, while at the 75th percentile, it rises to $2,165, and at the 90th percentile, it further increases to $2,641. These variations highlight the impact of different property values and assessment practices. The highest and lowest median tax bills are both recorded at $1,579 in the 45042 zip code. Compared to the national median property tax rate of 0.99%, Middletown's tax rates are competitive, offering a balanced approach for homeowners.
Average Middletown Tax Bill
$1,579
Average Preble County Tax Bill
$1,629
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Middletown, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45042 | $695 | $1,209 | $1,579 | $2,165 | $2,641 |
Source: Ownwell