New Knoxville, Shelby County, Ohio Property Taxes
The median property tax rate in New Knoxville, OH is 1.31%, which is considerably higher than the national median of 0.99% but lower than Ohio's state median of 1.80%. With the median home value in New Knoxville at $215,760, the typical annual property tax bill reaches $2,766, surpassing the national median of $2,690. Property taxes in New Knoxville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Knoxville'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 New Knoxville or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Knoxville, Shelby County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,826
$2,623
Ownwell’s New Knoxville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Knoxville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Knoxville 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 New Knoxville, Shelby County, Ohio
Property taxes in New Knoxville, Ohio, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Knoxville is 1.31%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within New Knoxville set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Knoxville 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 New Knoxville's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45871 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with New Knoxville provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Knoxville Tax Rate
1.31%
Average Shelby County Tax Rate
1.56%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Knoxville, Shelby County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45871 | 0.70% | 1.09% | 1.31% | 1.37% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across New Knoxville, Shelby County, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in New Knoxville, 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 local 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 New Knoxville, 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 New Knoxville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,766, found in the 45871 zip code.
Property Tax Assessment Values Across New Knoxville, Shelby County, Ohio
Source: Ownwell
$36,790
$130,888
$224,985
Average New Knoxville Assessed Value
$215,760
Average Shelby County Assessed Value
$119,350
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Knoxville, Shelby County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45871 | $113,254 | $160,510 | $215,760 | $310,310 | $621,836 |
Source: Ownwell
Property Tax Bills Across New Knoxville, Shelby County, Ohio
In New Knoxville, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. Shelby County uses this assessed value to calculate the tax bill by applying the local tax rate. Factors such as property improvements, neighborhood changes, and overall market trends can influence the assessed value. For instance, the median home price in New Knoxville is $215,760, with tax bills ranging from $1,980 at the 25th percentile to $5,111 at the 90th percentile. Homeowners in New Knoxville, located in Shelby County, can expect their property tax bills to vary significantly based on these assessments. The highest median tax bill recorded is $2,766, which aligns with the national median property tax rate of 0.99%. Understanding how these factors contribute to property tax calculations can help homeowners anticipate their financial obligations and plan accordingly. Overall, these taxes support essential local services, making it crucial for homeowners to stay informed about their property’s assessed value and corresponding tax rates.
Average New Knoxville Tax Bill
$2,766
Average Shelby County Tax Bill
$1,867
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across New Knoxville, Shelby County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45871 | $1,612 | $1,980 | $2,766 | $3,894 | $5,111 |
Source: Ownwell