Wilkinson, Indiana Property Taxes
The median property tax rate in Wilkinson, IN is 1.10%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Wilkinson at $190,700, the typical annual property tax bill reaches $1,970, which is below the national median of $2,690. Property taxes in Wilkinson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wilkinson'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 Wilkinson or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilkinson, 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 Wilkinson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilkinson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilkinson 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 Wilkinson, Indiana
Property taxes in Wilkinson, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilkinson is 1.10%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Wilkinson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilkinson 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 Wilkinson's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46186 zip code has the highest median property tax rate of 1.10%, while the same zip code has the lowest median tax rate of 1.10%. Understanding how these cities compare with Wilkinson 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 Wilkinson Tax Rate
1.10%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilkinson, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46186 | 0.66% | 0.91% | 1.10% | 1.34% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Wilkinson, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wilkinson, 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 Henry 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 Wilkinson, 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. The median home price in Wilkinson is $190,700, with tax bills ranging from $1,132 at the 25th percentile to $2,917 at the 75th percentile. Being aware of these valuation processes in Wilkinson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wilkinson Assessed Value
$190,700
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 Wilkinson, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46186 | $55,640 | $147,925 | $190,700 | $235,700 | $314,570 |
Source: Ownwell
Property Tax Bills Across Wilkinson, Indiana
In Wilkinson, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate set by the county of Henry. Homeowners in Wilkinson experience a range of property tax bills, with the 25th percentile paying around $1,132 and the 75th percentile paying up to $2,917. For those in the 90th percentile, the tax bill can be as high as $3,970. The median home price in Wilkinson is $190,700, which serves as a benchmark for these calculations. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Wilkinson's property tax rates can significantly impact homeowners' annual expenses. The highest median tax bill in the area is $1,970, found in the zip code 46186, which underscores the variability within the region. This system ensures that property taxes are proportionate to property values, affecting homeowners' financial planning and budgeting.
Average Wilkinson Tax Bill
$1,970
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilkinson, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46186 | $454 | $1,132 | $1,970 | $2,917 | $3,970 |
Source: Ownwell