Evansville, Indiana Property Taxes
The median property tax rate in Evansville, IN is 1.01%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Evansville at $180,300, the typical annual property tax bill reaches $2,107, which is below the national median of $2,690. Property taxes in Evansville 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 Evansville'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 Evansville 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
Evansville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,821
Ownwell’s Evansville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Evansville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Evansville 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 Evansville, Indiana
Property taxes in Evansville, Indiana are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Evansville is 1.01%, which is higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Evansville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Evansville 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 Evansville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47725 zip code has the highest median property tax rate of 1.01%, while the 47725 zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Evansville provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Evansville Tax Rate
1.01%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Evansville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47725 | 0.74% | 0.90% | 1.01% | 1.09% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Evansville, Indiana
In Evansville, 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 Gibson 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 Evansville, 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. For instance, the median home price in Evansville is $180,300, with tax bills in the 25th percentile around $1,566 and those in the 75th percentile reaching approximately $2,893. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Evansville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Evansville is 47725, with a median tax bill of $2,107.
Average Evansville Assessed Value
$180,300
Average Gibson County Assessed Value
$136,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Evansville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47725 | $124,440 | $152,450 | $180,300 | $283,250 | $314,480 |
Source: Ownwell
Property Tax Bills Across Evansville, Indiana
In Evansville, located in Gibson County, Indiana, property tax bills are calculated based on the assessed value of a home. The median home price in Evansville is $180,300. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies depending on the specific area within the county. Homeowners in Evansville can expect a wide range of tax bills. For instance, the tax bill at the 25th percentile is $1,566, while at the 75th percentile, it rises to $2,893, and at the 90th percentile, it reaches up to $3,300. The highest median tax bill in the area is $2,107, found in the 47725 zip code. These figures indicate that property taxes in Evansville can significantly impact homeowners, with some paying substantially more or less than others. This variability underscores the importance of understanding how local tax rates and assessed property values influence the overall tax burden, especially when compared to the national median property tax rate of 0.99%.
Average Evansville Tax Bill
$2,107
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Evansville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47725 | $1,150 | $1,566 | $2,107 | $2,893 | $3,300 |
Source: Ownwell