Summitville, Indiana Property Taxes
The median property tax rate in Summitville, IN is 0.63%, which is significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $133,600 in Summitville, the typical annual property tax bill comes to $841, well below the national median of $2,690. Property taxes in Summitville are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Summitville'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 Summitville or another part of Grant County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summitville, 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 Summitville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summitville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summitville 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 Grant County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Summitville, Indiana
Property taxes in Summitville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summitville is 0.63%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Summitville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summitville 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 Summitville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46070 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Summitville 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 Summitville Tax Rate
0.63%
Average Grant County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summitville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46070 | 0.40% | 0.49% | 0.63% | 0.93% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Summitville, Indiana
In Summitville, 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 Grant 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 Summitville, 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 Summitville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Summitville is $133,600, with tax bills ranging from $548 at the 25th percentile to $4,015 at the 90th percentile. The highest median tax bill is $841 in zip code 46070, which also has the lowest median tax bill of $841.
Average Summitville Assessed Value
$133,600
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 Summitville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46070 | $85,360 | $103,450 | $133,600 | $261,450 | $338,160 |
Source: Ownwell
Property Tax Bills Across Summitville, Indiana
In Summitville, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is a percentage of the market value of the property. For instance, the median home price in Summitville is $133,600. Tax rates are applied to this assessed value to determine the annual tax bill. The median property tax bill in Summitville is $841.00, which is calculated by applying the local tax rate to the assessed value. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Summitville may see tax bills ranging from $548 at the 25th percentile to $4,015 at the 90th percentile, showing significant variability based on property characteristics and valuations. Compared to the national median property tax rate of 0.99%, Summitville's rates can have a substantial impact on homeowners' financial planning and budgeting, especially for those with properties valued at the higher end of the spectrum.
Average Summitville Tax Bill
$841
Average Grant County Tax Bill
$892
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Summitville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46070 | $372 | $548 | $841 | $2,825 | $4,015 |
Source: Ownwell