Frankfort, Ohio Property Taxes
The median property tax rate in Frankfort, Ohio is 1.20%, 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 Frankfort at $118,290, the typical annual property tax bill is around $1,395, falling below the national median of $2,690. Property taxes in Frankfort are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Frankfort'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 Frankfort 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
Frankfort, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,419
$1,317
Ownwell’s Frankfort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 Frankfort, Ohio
Property taxes in Frankfort, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 1.20%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankfort 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. Understanding how Frankfort's effective property tax rate compares to other areas in Ross County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
1.20%
Average Ross County Tax Rate
1.29%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45628 | 0.92% | 1.17% | 1.20% | 1.23% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Frankfort, 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 Ross 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 Frankfort, 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. For example, the highest median tax bill is $1,395 in zip code 45628, while the lowest median tax bill is also $1,395 in the same zip code. 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Frankfort Assessed Value
$118,290
Average Ross County Assessed Value
$96,810
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankfort, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45628 | $10,925 | $44,948 | $118,290 | $197,612 | $286,490 |
Source: Ownwell
Property Tax Bills Across Frankfort, Ohio
In Frankfort, Ross County, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if the median home price is $118,290, the assessed value will be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Frankfort can expect tax bills to vary significantly. For example, the 25th percentile tax bill is around $545, while the 75th percentile reaches $2,273, and the 90th percentile can go up to $3,261. These tax bills can impact homeowners by influencing their overall housing costs and potentially affecting property values. Compared to the national median property tax rate of 0.99%, the rates in Frankfort may seem more manageable, but they still represent a significant expense for many residents.
Average Frankfort Tax Bill
$1,395
Average Ross County Tax Bill
$1,236
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45628 | $152 | $545 | $1,395 | $2,273 | $3,261 |
Source: Ownwell