Taxes

Property Taxes
In Ohio, property tax rates vary greatly between political subdivisions. In most cases 60-65 percent of property tax revenues go towards support of local school systems. Taxes on residential real estate in Montgomery County are based on 35 percent of the market value - a somewhat arbitrary value that usually lags behind the true market value. There is also a homestead exemption on owner-occupied dwellings for those over 65, disabled, or beneath a certain income level.

Sales Tax
Ohio Sales Tax is 6 percent, excluding food products, but not soft drinks. However, Montgomery County add 1.5 percent making total sales tax in the Miami Valley 7.5 percent.

State and Local Taxes
The Ohio Graduated Income Tax is based on your Federal adjusted gross income at the following levels and rates:

$0-$5,000 .743% of Ohio taxable income

$5,000 - $10,000 $37.15 + 1.486% of excess over $5,000

$10,000 - $15,000 $111.45 + 2.972% of excess over $10,000

$15,000 - $20,000 $260.05 + 3.715% of excess over $15,000

$20,000 - $40,000 $445.85 + 4.457% of excess over $20,000

$40,000 - $80,000 $1,337.20 + 5.201% of excess over $40,000

$80,000 - $100,000 $3417.60 + 5.943% of excess over $80,000

$100,000- $200,000 $4606.20 + 6.9% of excess over $100,000

Over $200,000 $11,506.20 plus 7.5% of excess over $200,000

You may claim a $1,200 exemption for yourself, your spouse, and each dependent.