Scipio, Indiana Property Taxes
The median property tax rate in Scipio, Indiana, is 0.65%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Scipio being $159,000, the typical annual property tax bill is $1,063, which is below the national median of $2,690. Property taxes in Scipio are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Scipio's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Scipio 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
Scipio, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,034
Ownwell’s Scipio Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scipio with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scipio 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 Bartholomew County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Scipio, Indiana
Property taxes in Scipio, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scipio is 0.65%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Scipio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scipio 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 Scipio's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47273 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Scipio provides valuable insights into the varying tax landscape across Bartholomew County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scipio Tax Rate
0.65%
Average Bartholomew County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scipio, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47273 | 0.56% | 0.59% | 0.65% | 0.71% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Scipio, Indiana
In Scipio, Indiana, 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 Bartholomew County Assessor 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 Scipio, 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. In Scipio, the zip code with the highest and lowest median tax bill is 47273, both at $1,063. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Scipio Assessed Value
$159,000
Average Bartholomew County Assessed Value
$193,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scipio, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47273 | $118,410 | $124,575 | $159,000 | $210,650 | $247,820 |
Source: Ownwell
Property Tax Bills Across Scipio, Indiana
In Scipio, located in Bartholomew County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $159,000, homeowners in Scipio can expect varying tax bills. At the 25th percentile, the tax bill is approximately $695, while at the 75th percentile, it rises to $1,542. The 90th percentile tax bill reaches $1,745. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Scipio's tax rates can be seen as relatively moderate. For homeowners, understanding these factors is crucial as they directly impact annual financial planning and long-term investment in their property. Accurate assessments and awareness of potential exemptions can help manage and potentially reduce tax burdens.
Average Scipio Tax Bill
$1,063
Average Bartholomew County Tax Bill
$2,070
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Scipio, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47273 | $691 | $695 | $1,063 | $1,542 | $1,745 |
Source: Ownwell