Middle Point, Ohio Property Taxes
The median property tax rate in Middle Point, OH is 1.58%, notably higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $73,170 in Middle Point, the typical annual property tax bill amounts to $1,218, which is below the national median of $2,690. Property taxes in Middle Point are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Middle Point'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 Middle Point 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
Middle Point, 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 Middle Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Middle Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Middle Point 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 Middle Point, Ohio
Property taxes in Middle Point, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middle Point is 1.58%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Middle Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middle Point 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 Middle Point's effective property tax rate to other counties in Ohio and the national median. For comparison, the 45863 zip code has the highest median property tax rate of 1.58%, while the same zip code also has the lowest median tax rate of 1.58%. Understanding how these cities compare with Middle Point provides valuable insights into the varying tax landscape across Van Wert County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Middle Point Tax Rate
1.58%
Average Van Wert County Tax Rate
1.51%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middle Point, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45863 | 1.13% | 1.45% | 1.58% | 1.73% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Middle Point, Ohio
In Middle Point, 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 Van Wert 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 Middle Point, 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 Middle Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in the 45863 zip code, the median tax bill is $1,218. By comparing these figures with the national median property tax rate of 0.99%, homeowners can gain insights into their local tax environment.
Average Middle Point Assessed Value
$73,170
Average Van Wert County Assessed Value
$87,060
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Middle Point, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45863 | $31,978 | $45,930 | $73,170 | $114,155 | $182,498 |
Source: Ownwell
Property Tax Bills Across Middle Point, Ohio
In Middle Point, located in Van Wert County, OH, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $73,170, homeowners can expect varying tax bills. Factors such as property location, size, and improvements can influence the assessed value. In Middle Point, the 25th percentile tax bill is around $794, while the 75th percentile reaches $1,752. The highest median tax bill in the area is $1,218, which is relatively lower compared to the national median property tax rate of 0.99%. Homeowners need to be aware of these factors as they directly impact their annual tax obligations, which can significantly affect their overall cost of owning property in Middle Point.
Average Middle Point Tax Bill
$1,218
Average Van Wert County Tax Bill
$1,320
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Middle Point, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45863 | $436 | $794 | $1,218 | $1,752 | $2,600 |
Source: Ownwell