Magnetic Springs, Ohio Property Taxes
The median property tax rate in Magnetic Springs, OH is 1.68%, which is higher than the national median of 0.99% but slightly lower than the Ohio state median of 1.80%. With the median home value in Magnetic Springs at $82,225, the typical annual property tax bill amounts to $1,311, which is below the national median of $2,690. Property taxes in Magnetic Springs are based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Grasping Magnetic Springs' property tax system, exploring available exemptions, and identifying reduction opportunities can lead to significant annual savings. Whether you're in the heart of Magnetic Springs or another part of Union County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magnetic Springs, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$1,381
$1,282
Ownwell’s Magnetic Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnetic Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnetic Springs 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 Magnetic Springs, Ohio
Property taxes in Magnetic Springs, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnetic Springs is 1.68%, significantly higher than the U.S. national median of 0.99%. Local government entities within Magnetic Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnetic Springs 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 Magnetic Springs' effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 43036 has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Magnetic Springs provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnetic Springs Tax Rate
1.68%
Average Union County Tax Rate
1.44%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnetic Springs, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43036 | 1.28% | 1.65% | 1.68% | 1.68% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Magnetic Springs, Ohio
In Magnetic Springs, 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 Union 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 Magnetic Springs, 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 Magnetic Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,311, found in the 43036 zip code, which also has the lowest median tax bill.
Average Magnetic Springs Assessed Value
$82,225
Average Union County Assessed Value
$249,955
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnetic Springs, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43036 | $12,750 | $60,188 | $82,225 | $115,450 | $166,842 |
Source: Ownwell
Property Tax Bills Across Magnetic Springs, Ohio
In Magnetic Springs, Union County, OH, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Magnetic Springs experience a median property tax rate of 1.59%, higher than the national median of 0.99%. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations. For instance, with a median home price of $82,225, homeowners can expect a median tax bill of approximately $1,311. This can fluctuate significantly, with the 25th percentile tax bill at $959 and the 75th percentile reaching $1,896. For those at the 90th percentile, the tax bill can be as high as $2,703. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Magnetic Springs Tax Bill
$1,311
Average Union County Tax Bill
$3,900
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnetic Springs, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43036 | $258 | $959 | $1,311 | $1,896 | $2,703 |
Source: Ownwell