Monroe, Ohio Property Taxes
The median property tax rate in Monroe, OH is 1.68%, which is considerably higher than the national median of 0.99% but slightly below the Ohio state median of 1.80%. With a median home value of $188,510 in Monroe, the typical annual property tax bill amounts to $3,164, surpassing the national median of $2,690. Property taxes in Monroe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Monroe'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 Monroe 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
Monroe, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$3,167
$2,939
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe, Ohio
Property taxes in Monroe, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe stands at 1.68%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Ohio and the national median. For comparison, the zip code 45050 has the highest median property tax rate of 1.68%, while the lowest median tax rate in the same zip code is also 1.68%. Understanding how these cities compare with Monroe provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
1.68%
Average Warren County Tax Rate
1.67%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45050 | 1.52% | 1.57% | 1.68% | 1.68% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Ohio
In Monroe, 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 Warren 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 Monroe, 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. The highest median tax bill in Monroe is $3,164 in the zip code 45050, while the lowest is also $3,164 in the same zip code. Being aware of these valuation processes in Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monroe Assessed Value
$188,510
Average Warren County Assessed Value
$234,580
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45050 | $156,325 | $173,920 | $188,510 | $425,482 | $653,295 |
Source: Ownwell
Property Tax Bills Across Monroe, Ohio
In Monroe, located in Warren County, OH, property tax bills are derived from a combination of the property's assessed value and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value and then applies an assessment ratio. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Monroe, the median home price is $188,510, leading to varying tax bills. At the 25th percentile, tax bills are around $2,919, while at the 75th percentile, they rise to approximately $6,541. The highest tax bills, at the 90th percentile, can reach up to $9,967. These figures reflect the significant impact of property taxes on homeowners, especially when compared to the national median property tax rate of 0.99%. In Monroe, the median tax bill is notably higher, highlighting the importance of understanding local property tax calculations and their financial implications.
Average Monroe Tax Bill
$3,164
Average Warren County Tax Bill
$3,873
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45050 | $2,624 | $2,919 | $3,164 | $6,541 | $9,967 |
Source: Ownwell