Somerville, Indiana Property Taxes
The median property tax rate in Somerville, Indiana is 1.77%, significantly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Somerville, the typical annual property tax bill reaches $221, which is well below the national median of $2,690. Property taxes in Somerville 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 Somerville'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 Somerville 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
Somerville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.77%
Estimate Property Tax Bill
$221
Ownwell’s Somerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville 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 Somerville, Indiana
Property taxes in Somerville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 1.77%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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 Somerville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47683 zip code has the highest median property tax rate of 1.77%, while the same zip code also has the lowest median tax rate of 1.77%. Understanding how these cities compare with Somerville 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 Somerville Tax Rate
1.77%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47683 | 1.73% | 1.75% | 1.77% | 1.77% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Indiana
In Somerville, 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 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 Somerville, 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. Being aware of these valuation processes in Somerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $221, found in the 47683 zip code.
Average Somerville Assessed Value
$12,500
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 Somerville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47683 | $11,700 | $12,000 | $12,500 | $13,200 | $13,620 |
Source: Ownwell
Property Tax Bills Across Somerville, Indiana
In Somerville, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor's office and reflects the market value of the home. Factors such as location, property size, and improvements can influence this assessed value. Once the assessed value is established, the tax rate is applied. For homeowners in Somerville, the median home price is $12,500, and the property tax rate in Gibson County is relatively low compared to the national median property tax rate of 0.99%. Homeowners in Somerville can expect their tax bills to vary depending on their property's assessed value. The 25th percentile tax bill is $210, while the 75th percentile tax bill is $233, and the 90th percentile reaches $241. This range indicates that most homeowners will have property tax bills within these amounts, providing a predictable expense for budgeting. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances effectively.
Average Somerville Tax Bill
$221
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47683 | $203 | $210 | $221 | $233 | $241 |
Source: Ownwell