Sulphur Springs, Indiana Property Taxes
The median property tax rate in Sulphur Springs, Indiana is 0.50%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $107,000 in Sulphur Springs, the typical annual property tax bill amounts to $586, which is well below the national median of $2,690. Property taxes in Sulphur Springs are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding the property tax system in Sulphur Springs, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sulphur Springs 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
Sulphur Springs, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$535
Ownwell’s Sulphur Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sulphur Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sulphur Springs 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 Sulphur Springs, Indiana
Property taxes in Sulphur Springs, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sulphur Springs is 0.50%, which is lower than the U.S. national median of 0.99%. Local government entities within Sulphur Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sulphur Springs 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 Sulphur Springs' effective property tax rate to other counties in Indiana and the national median. For comparison, the 47388 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Sulphur Springs provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sulphur Springs Tax Rate
0.50%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sulphur Springs, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47388 | 0.31% | 0.37% | 0.50% | 0.71% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Sulphur Springs, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sulphur Springs, Indiana. 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 local appraisal authority 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 Sulphur Springs, 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 instance, the median home price in Sulphur Springs is $107,000, with tax bills ranging from $333 at the 25th percentile to $1,352 at the 90th percentile. Notably, the highest median tax bill is $586 in the 47388 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sulphur Springs, Indiana
Source: Ownwell
$70,100
$152,000
$233,900
Average Sulphur Springs Assessed Value
$107,000
Average Henry County Assessed Value
$106,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sulphur Springs, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47388 | $49,640 | $78,700 | $107,000 | $139,800 | $194,360 |
Source: Ownwell
Property Tax Bills Across Sulphur Springs, Indiana
In Sulphur Springs, located in Henry County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and reflects the market value of the property. Homeowners in Sulphur Springs see a median home price of $107,000, which serves as a baseline for calculating property taxes. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local tax rates, exemptions, and any applicable deductions. For instance, homeowners might qualify for exemptions that can reduce their taxable value, thereby lowering their tax bill. In Henry County, the tax bill at the 25th percentile is $333, while at the 75th percentile, it reaches $903. At the 90th percentile, homeowners can expect to pay around $1,352. These property taxes directly impact homeowners by influencing their annual housing costs. Compared to the national median property tax rate of 0.99%, Sulphur Springs offers a relatively affordable tax environment, making it an attractive option for potential homebuyers.
Average Sulphur Springs Tax Bill
$586
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Sulphur Springs, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47388 | $226 | $333 | $586 | $903 | $1,352 |
Source: Ownwell