Ray, Ohio Property Taxes
The median property tax rate in RAY, OH is 1.24%, which is higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in RAY, the typical annual property tax bill reaches $1,296, falling below the national median of $2,690. Property taxes in RAY are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding RAY'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 RAY 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
Ray, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,569
$1,456
Ownwell’s RAY Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in RAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RAY to provide an accurate property tax bill estimate. 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 Ross County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ray, Ohio
Property taxes in RAY, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in RAY is 1.24%, higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within RAY set these rates annually, and they can vary significantly across different neighborhoods. Each year, RAY 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 RAY's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45672 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with RAY provides valuable insights into the varying tax landscape across Ross County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ray Tax Rate
1.24%
Average Ross County Tax Rate
1.29%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ray, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45672 | 0.95% | 1.04% | 1.24% | 1.27% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Ray, Ohio
In RAY, 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 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 RAY, 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 RAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In RAY, the zip code 45672 has both the highest and lowest median tax bill at $1,296.
Average Ray Assessed Value
$126,555
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 Ray, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45672 | $5,204 | $37,235 | $126,555 | $161,238 | $207,817 |
Source: Ownwell
Property Tax Bills Across Ray, Ohio
In RAY, located in Ross County, OH, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in RAY, the median home price is $126,555. The property tax rate in Ross County results in varying tax bills, with the 25th percentile tax bill at $461 and the 75th percentile tax bill reaching $1,865. At the higher end, the 90th percentile tax bill can go up to $2,180. These property tax bills play a significant role in homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, RAY's property taxes can be seen as moderate. Homeowners in the zip code 45672 experience a median tax bill of $1,296, which is consistent across the highest and lowest median tax bills reported. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Ray Tax Bill
$1,296
Average Ross County Tax Bill
$1,236
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Ray, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45672 | $121 | $461 | $1,296 | $1,865 | $2,180 |
Source: Ownwell