Russia, Ohio Property Taxes
The median property tax rate in Russia, OH is 1.83%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With a median home value of $190,175 in Russia, the typical annual property tax bill reaches $3,220, exceeding the national median of $2,690. Property taxes in Russia 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 Russia'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 Russia 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
Russia, Ohio Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$3,600
Ownwell’s Russia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russia 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 Russia, Ohio
Property taxes in Russia, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russia is 1.83%, significantly higher than the U.S. national median of 0.99%. Local government entities within Russia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russia 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 Russia's effective property tax rate to other regions in Ohio and the national median. For comparison, the zip code 45363 has both the highest and lowest median property tax rate of 1.83%, emphasizing the uniformity in tax rates within this area. Understanding how these figures compare with Russia 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 Russia Tax Rate
1.83%
Average Shelby County Tax Rate
1.56%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45363 | 1.06% | 1.63% | 1.83% | 1.92% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Russia, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Russia, 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 Shelby 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. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Shelby County are both $3,220, found in the 45363 zip code.
Average Russia Assessed Value
$190,175
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 Russia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45363 | $88,055 | $124,220 | $190,175 | $323,728 | $507,760 |
Source: Ownwell
Property Tax Bills Across Russia, Ohio
In Russia, Shelby County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, various factors such as local tax rates and any applicable exemptions are considered to determine the final tax bill. For homeowners in Russia, the median home price stands at $190,175. Property tax bills can vary significantly, with the 25th percentile at $2,268 and the 75th percentile reaching $5,250. This disparity illustrates how differing property values and tax rates affect individual tax bills. The highest median tax bill in the area is $3,220, found in the zip code 45363, which aligns with the lowest median tax bill, indicating a consistent tax rate within that zip code. Compared to the national median property tax rate of 0.99%, homeowners in Russia, Shelby County, experience a range of tax bills that reflect the local economic conditions and property values. This variability can significantly impact homeowners' financial planning and overall cost of living.
Average Russia Tax Bill
$3,220
Average Shelby County Tax Bill
$1,867
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Russia, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45363 | $1,656 | $2,268 | $3,220 | $5,250 | $6,736 |
Source: Ownwell