Kokomo, Indiana Property Taxes
The median property tax rate in Kokomo, IN is 1.00%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Kokomo at $113,100, the typical annual property tax bill reaches $1,200, which is below the national median of $2,690. Property taxes in Kokomo 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 Kokomo'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 Kokomo or another part of Howard County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kokomo, 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 Kokomo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kokomo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kokomo 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 Kokomo, Indiana
Property taxes in Kokomo, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kokomo is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Kokomo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kokomo 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 Kokomo's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46204 zip code has the highest median property tax rate of 2.00%, while the 46901 zip code has the lowest median tax rate of 0.99%. Understanding how these cities compare with Kokomo provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kokomo Tax Rate
1.00%
Average Howard County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kokomo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46204 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| 46901 | 0.59% | 0.72% | 0.99% | 2.00% | 2.01% |
| 46902 | 0.62% | 0.89% | 1.00% | 1.07% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Kokomo, Indiana
In Kokomo, 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 Howard 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 Kokomo, 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 Kokomo is $113,100, with tax bills ranging from $690 at the 25th percentile to $2,555 at the 90th percentile. The highest median tax bill is $1,847 in zip code 46204, while the lowest is $1,011 in zip code 46901. 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 Kokomo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kokomo Assessed Value
$113,100
Average Howard County Assessed Value
$120,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kokomo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46204 | $92,200 | $92,200 | $92,200 | $92,200 | $92,200 |
| 46901 | $36,120 | $55,600 | $89,800 | $157,200 | $222,780 |
| 46902 | $63,700 | $86,800 | $130,500 | $184,000 | $262,200 |
Source: Ownwell
Property Tax Bills Across Kokomo, Indiana
In Kokomo, located in Howard County, IN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local assessor's office and reflects the market value of the property. Homeowners can expect their tax bill to be influenced by various factors, including property size, location, and improvements made to the property. The median home price in Kokomo is $113,100, and the property tax rates are applied to this assessed value to determine the tax bill. For instance, tax bills can vary significantly, with the 25th percentile at approximately $690, while the 75th percentile sees bills around $1,749. At the 90th percentile, homeowners might face tax bills as high as $2,555. Comparatively, in Howard County’s zip code 46901, the lowest median tax bill is reported at $1,011, while the highest median tax bill in a nearby area, zip code 46204, reaches $1,847. These variations highlight the impact of property location and value on tax bills, affecting homeowners differently across the region.
Average Kokomo Tax Bill
$1,200
Average Howard County Tax Bill
$1,236
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Kokomo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46204 | $1,847 | $1,847 | $1,847 | $1,847 | $1,847 |
| 46901 | $321 | $551 | $1,011 | $1,494 | $2,226 |
| 46902 | $447 | $907 | $1,403 | $1,957 | $2,777 |
Source: Ownwell