Hartford City, Indiana Property Taxes
The median property tax rate in Hartford City, IN is 0.62%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $188,600 in Hartford City, the typical annual property tax bill amounts to $879, well below the national median of $2,690. Property taxes in Hartford City are based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Hartford City'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 Hartford City or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hartford City, 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 Hartford City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hartford City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hartford City 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 Hartford City, Indiana
Property taxes in Hartford City, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hartford City is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Hartford City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hartford City 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 Hartford City's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47348 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Hartford City provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hartford City Tax Rate
0.62%
Average Grant County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hartford City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47348 | 0.19% | 0.41% | 0.62% | 0.74% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Hartford City, Indiana
In Hartford City, 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 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 Hartford City, 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 Hartford City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hartford City is $188,600, with tax bills ranging from $498 at the 25th percentile to $2,291 at the 90th percentile. The zip code with the highest and lowest median tax bill is 47348, with a median tax bill of $879.
Average Hartford City Assessed Value
$188,600
Average Grant County Assessed Value
$99,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hartford City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47348 | $65,720 | $121,050 | $188,600 | $217,050 | $282,820 |
Source: Ownwell
Property Tax Bills Across Hartford City, Indiana
In Hartford City, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is a percentage of the market value of the home. For homeowners in Grant County, where Hartford City is located, the median home price is $188,600. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the assessed value, local tax rates, and any applicable exemptions or deductions. For instance, tax bills in the 25th percentile are around $498, while those in the 75th percentile reach up to $1,255. The 90th percentile sees tax bills as high as $2,291. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Hartford City offers a competitive rate, making it an attractive place for homeowners.
Average Hartford City Tax Bill
$879
Average Grant County Tax Bill
$892
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hartford City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47348 | $233 | $498 | $879 | $1,255 | $2,291 |
Source: Ownwell