Mineral Ridge, Ohio Property Taxes
The median property tax rate in Mineral Ridge, OH is 1.80%, aligning with the Ohio state median but significantly higher than the national median of 0.99%. With a median home value of $108,200 in Mineral Ridge, the typical annual property tax bill amounts to $1,844, which is below the national median of $2,690. Property taxes in Mineral Ridge are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mineral Ridge's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mineral Ridge 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
Mineral Ridge, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$1,948
$1,807
Ownwell’s Mineral Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineral Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral Ridge 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 Mineral Ridge, Ohio
Property taxes in Mineral Ridge, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral Ridge is 1.80%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mineral Ridge set these rates annually, and they can vary across different neighborhoods. Each year, Mineral Ridge 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 Mineral Ridge's effective property tax rate to other areas in Ohio and the national median. For comparison, the highest and lowest median property tax rates in Mineral Ridge are both 1.80%, as seen in the zip code 44440. Understanding how these figures compare with Mineral Ridge 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 Mineral Ridge Tax Rate
1.80%
Average Trumbull County Tax Rate
1.84%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral Ridge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44440 | 1.34% | 1.56% | 1.80% | 1.84% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Mineral Ridge, Ohio
In Mineral Ridge, 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 Mineral Ridge, 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 Mineral Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 44440, both standing at $1,844, which is significantly lower than the national median property tax rate of 0.99%.
Average Mineral Ridge Assessed Value
$108,200
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 Mineral Ridge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44440 | $51,520 | $74,125 | $108,200 | $149,050 | $212,770 |
Source: Ownwell
Property Tax Bills Across Mineral Ridge, Ohio
Property tax bills in Mineral Ridge, located in Trumbull County, OH, are calculated based on the assessed value of a property. The county assessor determines the assessed value, which is a percentage of the property's market value. Homeowners in Mineral Ridge can expect their property tax bills to vary significantly depending on the assessed value of their homes and the local tax rate. For instance, the median home price in Mineral Ridge is $108,200. Property tax bills can range widely, with the 25th percentile at $1,236 and the 75th percentile reaching $2,604. At the 90th percentile, homeowners might see tax bills as high as $3,748. The highest median tax bill recorded in the area is $1,844, which aligns with the local zip code 44440. These property tax bills impact homeowners by adding to the overall cost of owning a home. Higher assessed values and tax rates can lead to substantial annual expenses, influencing decisions on buying, selling, or investing in property within Mineral Ridge.
Average Mineral Ridge Tax Bill
$1,844
Average Trumbull County Tax Bill
$1,518
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral Ridge, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44440 | $816 | $1,236 | $1,844 | $2,604 | $3,748 |
Source: Ownwell