Windfall, Indiana Property Taxes
The median property tax rate in Windfall, IN is 0.98%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $165,850 in Windfall, the typical annual property tax bill is approximately $1,539, which is lower than the national median of $2,690. Property taxes in Windfall are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Windfall'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 Windfall or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Windfall, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,625
Ownwell’s Windfall Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Windfall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Windfall 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 Windfall, Indiana
Property taxes in Windfall, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Windfall is 0.87%, lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Windfall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Windfall 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 Windfall's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46076 zip code has the highest median property tax rate of 0.87%, while the same 46076 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Windfall provides valuable insights into the varying tax landscape across Tipton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Windfall Tax Rate
0.98%
Average Howard County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Windfall, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46076 | 0.69% | 0.84% | 0.98% | 1.18% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Windfall, Indiana
In Windfall, 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 Windfall, 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 Windfall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Windfall is $1,539 in the 46076 zip code, while the lowest median tax bill is also $1,539 in the same zip code.
Average Windfall Assessed Value
$165,850
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 Windfall, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46076 | $69,340 | $108,175 | $165,850 | $227,500 | $280,580 |
Source: Ownwell
Property Tax Bills Across Windfall, Indiana
In Windfall, located in Howard County, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $165,850, homeowners can expect varying tax bills depending on specific property characteristics and exemptions. Factors such as property size, location, and any applicable exemptions or deductions can influence the final tax bill. In Windfall, the 25th percentile of tax bills is around $837, while the 75th percentile reaches $2,378, and the 90th percentile can go up to $3,322. These figures highlight a range of tax burdens, reflecting the diversity in property values and conditions. Compared to the national median property tax rate of 0.99%, Windfall’s tax bills demonstrate how local assessments and rates can significantly impact homeowners, emphasizing the importance of understanding property tax calculations for effective financial planning.
Average Windfall Tax Bill
$1,539
Average Howard County Tax Bill
$1,236
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Windfall, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46076 | $429 | $837 | $1,539 | $2,378 | $3,322 |
Source: Ownwell