Versailles, Ohio Property Taxes
The median property tax rate in Versailles, Ohio is 1.56%, considerably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With the median home value in Versailles at $166,430, the typical annual property tax bill reaches $2,513, which is below the national median of $2,690. Property taxes in Versailles 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 Versailles' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Versailles 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
Versailles, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$2,596
Ownwell’s Versailles Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Versailles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Versailles 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 Versailles, Ohio
Property taxes in Versailles, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Versailles is 1.56%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Versailles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Versailles 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 Versailles's effective property tax rate to other areas in Ohio and the national median. For comparison, the zip code 45380 has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Versailles 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 Versailles Tax Rate
1.56%
Average Shelby County Tax Rate
1.56%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Versailles, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45380 | 1.41% | 1.47% | 1.56% | 1.74% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Versailles, Ohio
In Versailles, 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 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. In Versailles, 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 Versailles helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Versailles is $2,513 in the 45380 zip code.
Average Versailles Assessed Value
$166,430
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 Versailles, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45380 | $162,078 | $163,710 | $166,430 | $263,660 | $321,998 |
Source: Ownwell
Property Tax Bills Across Versailles, Ohio
In Versailles, Shelby County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Factors such as location, property size, and improvements made to the home can influence this assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Versailles experience varying tax bills depending on where their property falls within the assessed value spectrum. For instance, the 25th percentile tax bill is approximately $2,396, while the 75th percentile tax bill can reach up to $4,709. Those at the 90th percentile might see tax bills as high as $6,027. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. High property taxes can impact homeowners by increasing the cost of owning a home, potentially affecting affordability and long-term financial planning.
Average Versailles Tax Bill
$2,513
Average Shelby County Tax Bill
$1,867
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Versailles, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45380 | $2,326 | $2,396 | $2,513 | $4,709 | $6,027 |
Source: Ownwell