Westphalia, Indiana Property Taxes
The median property tax rate in Westphalia, IN is 0.43%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Westphalia, the typical annual property tax bill is $233, which is far below the national median of $2,690. Property taxes in Westphalia are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Westphalia'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 Westphalia or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Westphalia, 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 Westphalia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westphalia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westphalia 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 Westphalia, Indiana
Property taxes in Westphalia, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westphalia is 0.43%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Westphalia set these rates annually, and they can vary across different neighborhoods. Each year, Westphalia 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 Westphalia's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47596 has both the highest and lowest median property tax rate of 0.43%, highlighting the uniformity in tax rates within this region. Understanding how these areas compare with Westphalia provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westphalia Tax Rate
0.43%
Average Knox County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westphalia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47596 | 0.27% | 0.30% | 0.43% | 1.06% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Westphalia, Indiana
In Westphalia, 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 Knox 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 Westphalia, 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 Westphalia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47596 in Westphalia has both the highest and lowest median tax bill at $233.
Average Westphalia Assessed Value
$50,300
Average Knox County Assessed Value
$96,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westphalia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47596 | $11,480 | $33,600 | $50,300 | $79,450 | $99,660 |
Source: Ownwell
Property Tax Bills Across Westphalia, Indiana
In Westphalia, located in Knox County, IN, property tax bills are calculated based on the assessed value of the home. The median home price in this area is $50,300, which serves as a foundational metric for determining tax obligations. Homeowners' tax bills are influenced by several factors, including the assessed value, local tax rates, and any applicable exemptions or deductions. The property tax rate in Westphalia is a key factor, and while it varies, it is generally lower than the national median property tax rate of 0.99%. For example, the 25th percentile tax bill is $121, while the 75th percentile tax bill is $380, and the 90th percentile tax bill reaches $584. This range demonstrates how different assessed values and applicable exemptions can significantly affect the amount homeowners owe. Understanding these factors can help homeowners anticipate their property tax bills and plan accordingly. By knowing the assessed value and local tax rates, homeowners in Westphalia can better manage their financial responsibilities.
Average Westphalia Tax Bill
$233
Average Knox County Tax Bill
$903
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Westphalia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47596 | $102 | $121 | $233 | $380 | $584 |
Source: Ownwell