Ohio City, Ohio Property Taxes
The median property tax rate in Ohio City, OH is 1.60%, which is significantly higher than the national median of 0.99% but lower than the Ohio state median of 1.80%. With a median home value of $78,370 in Ohio City, the typical annual property tax bill amounts to $1,238, which is below the national median of $2,690. Property taxes in Ohio City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ohio City'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 Ohio City or another part of Van Wert County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ohio City, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$1,254
$1,164
Ownwell’s Ohio City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ohio City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ohio City 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 Ohio City, Ohio
Property taxes in Ohio City, Ohio, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ohio City is 1.60%, notably higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Ohio City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ohio City 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 Ohio City's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45874 has both the highest and lowest median property tax rate of 1.60%. Understanding how these cities compare with Ohio City 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 Ohio City Tax Rate
1.60%
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 Ohio City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45874 | 1.10% | 1.41% | 1.60% | 1.93% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Ohio City, Ohio
In Ohio City, 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 Ohio City, 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. Notably, the zip code with the highest median tax bill is 45874, with a median tax bill of $1,238. Being aware of these valuation processes in Ohio City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ohio City Assessed Value
$78,370
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 Ohio City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45874 | $27,688 | $49,340 | $78,370 | $118,140 | $213,632 |
Source: Ownwell
Property Tax Bills Across Ohio City, Ohio
In Ohio City, located in Van Wert County, property tax bills are calculated based on the assessed value of the home, which is typically a percentage of the market value. The median home price in Ohio City is $78,370, and property taxes are derived by applying the local tax rate to this assessed value. For homeowners, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $858, while at the 75th percentile, it rises to approximately $1,808. For those at the 90th percentile, the tax bill can reach as high as $2,961. Several factors influence these calculations, including the property's market value, local tax rates, and any applicable exemptions. These taxes are crucial for funding local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Ohio City's rates reflect the local economic conditions and funding needs. Homeowners need to be aware of these factors as they can significantly impact their annual financial planning.
Average Ohio City Tax Bill
$1,238
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 Ohio City, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45874 | $422 | $858 | $1,238 | $1,808 | $2,961 |
Source: Ownwell