Masury, Ohio Property Taxes
The median property tax rate in Masury, OH is 2.03%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Masury at $44,900, the typical annual property tax bill reaches $908, which is below the national median of $2,690. Property taxes in Masury 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 Masury'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 Masury 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
Masury, 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 Masury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Masury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Masury 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 Masury, Ohio
Property taxes in Masury, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Masury is 2.03%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Masury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Masury 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 Masury's effective property tax rate to other areas in Ohio and the national median. For comparison, the 44438 zip code has both the highest and lowest median property tax rate of 2.03%. Understanding how these areas compare with Masury provides valuable insights into the varying tax landscape across Trumbull County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Masury Tax Rate
2.03%
Average Trumbull County Tax Rate
1.84%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Masury, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44438 | 1.08% | 1.75% | 2.03% | 2.06% | 2.55% |
Source: Ownwell
Property Tax Assessment Values Across Masury, Ohio
In Masury, 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 Trumbull 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 Masury, 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 instance, the median home price in Masury is $44,900, with tax bills ranging from $529 at the 25th percentile to $2,218 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 44438, with a median tax bill of $908. By understanding 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 Masury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Masury Assessed Value
$44,900
Average Trumbull County Assessed Value
$82,000
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Masury, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44438 | $14,920 | $30,300 | $44,900 | $70,600 | $118,280 |
Source: Ownwell
Property Tax Bills Across Masury, Ohio
In Masury, Trumbull 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. Various factors such as the property's location, size, and condition are considered when determining its market value. Homeowners in Masury can expect a median property tax rate that aligns closely with the national median of 0.99%. For instance, the median home price in Masury is $44,900. The property tax bill varies significantly, with the 25th percentile at $529 and the 75th percentile at $1426, indicating a range of tax burdens depending on property values and exemptions. The highest median tax bill recorded in the area is $908, which is reflective of the property values within the specific zip code 44438. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Masury Tax Bill
$908
Average Trumbull County Tax Bill
$1,518
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Masury, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44438 | $239 | $529 | $908 | $1,426 | $2,218 |
Source: Ownwell