Willow Branch, Indiana Property Taxes
The median property tax rate in Willow Branch, IN is 0.81%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $23,100 in Willow Branch, the typical annual property tax bill amounts to $152, significantly below the national median of $2,690. Property taxes in Willow Branch are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a comprehensive understanding of Willow Branch'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 Willow Branch or another part of Hancock County, becoming well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Willow Branch, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$187
Ownwell’s Willow Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willow Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willow Branch 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 Willow Branch, Indiana
Property taxes in Willow Branch, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willow Branch is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Willow Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willow Branch 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 Willow Branch's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46186 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Willow Branch provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Willow Branch Tax Rate
0.81%
Average Hancock County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willow Branch, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46186 | 0.46% | 0.59% | 0.81% | 1.02% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Willow Branch, Indiana
In Willow Branch, 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 Hancock 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 Willow Branch, 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 example, the median home price in Willow Branch is $23,100, with tax bills ranging from $133 at the 25th percentile to $182 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 46186, at $152. 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 Willow Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Willow Branch, Indiana
Source: Ownwell
$23,100
$1,036,150
$2,049,200
Average Willow Branch Assessed Value
$23,100
Average Hancock County Assessed Value
$247,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Willow Branch, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46186 | $16,860 | $19,200 | $23,100 | $27,000 | $29,340 |
Source: Ownwell
Property Tax Bills Across Willow Branch, Indiana
In Willow Branch, Hancock County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Willow Branch, the median home price is $23,100, and the property tax rate is reflective of the county's standards. Tax bills can vary significantly; for example, the 25th percentile tax bill is $133, while the 75th percentile tax bill is $171. The highest median tax bill in the area is recorded at $152, which is consistent across the zip code 46186. These figures highlight the relatively low property tax burden in Willow Branch compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners, as property taxes directly impact annual housing costs. Lower property taxes in Willow Branch make it an attractive option for prospective homeowners seeking affordability.
Average Willow Branch Tax Bill
$152
Average Hancock County Tax Bill
$2,024
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Willow Branch, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46186 | $122 | $133 | $152 | $171 | $182 |
Source: Ownwell