Gilboa, Ohio Property Taxes
The median property tax rate in Gilboa, OH is 1.83%, considerably higher than both the national median of 0.99% and Ohio's state median of 1.80%. With the median home value in Gilboa at $79,020, the typical annual property tax bill reaches $1,391, which is below the national median of $2,690. Property taxes in Gilboa are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gilboa'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 Gilboa 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
Gilboa, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.83%
Estimate Property Tax Bill
$1,446
$1,342
Ownwell’s Gilboa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gilboa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilboa 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 Gilboa, Ohio
Property taxes in Gilboa, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilboa is 1.23%, higher than both the Ohio state median of 1.41% and the U.S. national median of 0.99%. Local government entities within Gilboa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilboa 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 Gilboa's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45875 zip code has the highest median property tax rate of 1.23%, while the 45875 zip code has the lowest median tax rate of 1.23%. Understanding how these cities compare with Gilboa provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilboa Tax Rate
1.83%
Average Putnam County Tax Rate
1.30%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilboa, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45875 | 1.00% | 1.33% | 1.83% | 1.85% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Gilboa, Ohio
In Gilboa, 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 Putnam 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 Gilboa, 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 Gilboa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Gilboa, the median home price is $79,020, with tax bills ranging from $892 at the 25th percentile to $2,381 at the 90th percentile. The highest and lowest median tax bills are both $1,391 in the zip code 45875.
Average Gilboa Assessed Value
$79,020
Average Putnam County Assessed Value
$132,830
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilboa, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45875 | $24,340 | $50,030 | $79,020 | $114,860 | $149,200 |
Source: Ownwell
Property Tax Bills Across Gilboa, Ohio
In Gilboa, located in Putnam County, OH, property tax bills are calculated based on the assessed value of a home and the prevailing tax rate. The assessed value, often a percentage of the market value, serves as the basis for the tax calculation. Local tax rates are then applied to this assessed value to determine the annual property tax bill. Factors such as local government budgets, school funding needs, and public services influence these rates. For homeowners in Gilboa, understanding these calculations is crucial. The median home price in the area is $79,020, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $892, while the 75th percentile reaches $1,750. At the higher end, the 90th percentile tax bill is $2,381. These figures highlight the variability in tax burdens, which can impact household budgets and the overall cost of homeownership. Comparing these local figures to the national median property tax rate of 0.99% provides additional context for homeowners.
Average Gilboa Tax Bill
$1,391
Average Putnam County Tax Bill
$1,712
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilboa, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45875 | $268 | $892 | $1,391 | $1,750 | $2,381 |
Source: Ownwell