Depauw, Indiana Property Taxes
The median property tax rate in Depauw, IN is 0.69%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Depauw at $135,400, the typical annual property tax bill is $895, which is well below the national median of $2,690. Property taxes in Depauw 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 Depauw'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 Depauw or another part of Harrison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Depauw, 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 Depauw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Depauw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Depauw 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 Depauw, Indiana
Property taxes in Depauw, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Depauw is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Depauw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Depauw 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 Depauw's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47115 zip code has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Depauw provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Depauw Tax Rate
0.69%
Average Harrison County Tax Rate
0.61%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Depauw, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47115 | 0.38% | 0.53% | 0.69% | 1.11% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Depauw, Indiana
In Depauw, 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 Harrison 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 Depauw, 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 Depauw 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 $895, found in the 47115 zip code.
Average Depauw Assessed Value
$135,400
Average Harrison County Assessed Value
$175,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Depauw, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47115 | $32,440 | $70,400 | $135,400 | $203,900 | $288,760 |
Source: Ownwell
Property Tax Bills Across Depauw, Indiana
In Depauw, Harrison County, IN, property tax bills are calculated based on the assessed value of the property. This assessed value is determined by the county assessor and reflects the market value of the home. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Factors such as property improvements, location, and market trends can influence the assessed value, leading to fluctuations in the tax bill. For homeowners in Depauw, the median home price stands at $135,400. Property tax bills can vary significantly, with the 25th percentile at $464 and the 75th percentile reaching $1,540. The highest median tax bill in the area is $895, corresponding to the zip code 47115. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how their local tax rate stacks up against the national average. Understanding these factors is crucial for homeowners as they plan their finances and consider the long-term costs of property ownership.
Average Depauw Tax Bill
$895
Average Harrison County Tax Bill
$1,112
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Depauw, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47115 | $225 | $464 | $895 | $1,540 | $2,415 |
Source: Ownwell