Swayzee, Indiana Property Taxes
The median property tax rate in Swayzee, IN is 0.82%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Swayzee at $123,300, the typical annual property tax bill is $1,109, significantly below the national median of $2,690. Property taxes in Swayzee are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Swayzee'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 Swayzee 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
Swayzee, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,011
Ownwell’s Swayzee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swayzee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swayzee 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 Swayzee, Indiana
Property taxes in Swayzee, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Swayzee is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Swayzee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swayzee 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 Swayzee's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46986 zip code has the highest median property tax rate of 0.82%, while the 46986 zip code also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Swayzee 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 Swayzee Tax Rate
0.82%
Average Grant County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swayzee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46986 | 0.40% | 0.59% | 0.82% | 1.13% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Swayzee, Indiana
In Swayzee, 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's Office 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 Swayzee, 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 Swayzee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Swayzee is $123,300, with the highest and lowest median tax bills both being $1,109 in zip code 46986.
Average Swayzee Assessed Value
$123,300
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 Swayzee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46986 | $61,400 | $88,750 | $123,300 | $168,900 | $230,100 |
Source: Ownwell
Property Tax Bills Across Swayzee, Indiana
In Swayzee, located in Grant County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Swayzee, the median home price is $123,300. Property tax bills can vary significantly, with those in the 25th percentile paying around $583 annually, while those in the 75th percentile see bills closer to $1,703. At the higher end, the 90th percentile reaches up to $2,510. The tax bill is influenced by several factors, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. These property taxes contribute to funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated and the factors that influence it can help in budgeting and financial planning, especially when compared to the national median property tax rate of 0.99%.
Average Swayzee Tax Bill
$1,109
Average Grant County Tax Bill
$892
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Swayzee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46986 | $339 | $583 | $1,109 | $1,703 | $2,510 |
Source: Ownwell