Otisco, Indiana Property Taxes
The median property tax rate in Otisco, Indiana is 0.65%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Otisco at $175,050, the typical annual property tax bill reaches $1,213, which is significantly less than the national median of $2,690. Property taxes in Otisco are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Otisco'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 Otisco 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
Otisco, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Otisco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otisco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otisco 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 Otisco, Indiana
Property taxes in Otisco, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otisco is 0.65%, significantly lower than the U.S. national median of 0.99%. Local government entities within Otisco set these rates annually, and they can vary across different neighborhoods. Each year, Otisco 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 Otisco's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47163 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Otisco provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otisco Tax Rate
0.65%
Average Clark County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otisco, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47163 | 0.38% | 0.52% | 0.65% | 0.84% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Otisco, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Otisco, Indiana. 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 Clark 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. Assessment notices in Otisco 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, Otisco's median home price is $175,050, with tax bills ranging from $602 at the 25th percentile to $2,761 at the 90th percentile. The zip code 47163 has the highest median tax bill of $1,213. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Otisco Assessed Value
$175,050
Average Clark County Assessed Value
$205,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otisco, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47163 | $66,770 | $109,175 | $175,050 | $256,350 | $326,840 |
Source: Ownwell
Property Tax Bills Across Otisco, Indiana
In Otisco, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Otisco is $175,050, and homeowners can expect their property tax bills to vary significantly. For instance, the 25th percentile of tax bills is $602, while the 75th percentile reaches $1,922, and the 90th percentile can be as high as $2,761. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Otisco may find their tax rates to be relatively competitive, depending on their specific circumstances. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Otisco Tax Bill
$1,213
Average Clark County Tax Bill
$1,927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Otisco, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47163 | $297 | $602 | $1,213 | $1,922 | $2,761 |
Source: Ownwell