Wheatland, Indiana Property Taxes
The median property tax rate in Wheatland, IN is 0.68%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Wheatland being $96,900, the typical annual property tax bill reaches $680, which is significantly below the national median of $2,690. Property taxes in Wheatland 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 Wheatland'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 Wheatland 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
Wheatland, 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 Wheatland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wheatland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheatland 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 Wheatland, Indiana
Property taxes in Wheatland, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheatland is 0.68%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Wheatland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheatland 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 Wheatland's effective property tax rate to other areas in Knox County and the national median. For comparison, the zip code 47597 has both the highest and lowest median property tax rate of 0.68%. Understanding how these figures compare with Wheatland 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 Wheatland Tax Rate
0.68%
Average Knox County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheatland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47597 | 0.39% | 0.52% | 0.68% | 1.22% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Wheatland, Indiana
In Wheatland, 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 Wheatland, 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 Wheatland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Wheatland is $680 in the 47597 zip code.
Average Wheatland Assessed Value
$96,900
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 Wheatland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47597 | $16,540 | $42,650 | $96,900 | $170,850 | $252,360 |
Source: Ownwell
Property Tax Bills Across Wheatland, Indiana
In Wheatland, located in Knox County, IN, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value, and subsequently, the tax bill. For homeowners in Wheatland, the median home price is $96,900. Property tax bills can vary significantly, with the 25th percentile tax bill at $299 and the 75th percentile reaching $1,229. At the 90th percentile, homeowners might see tax bills as high as $2,000. Compared to the national median property tax rate of 0.99%, the property taxes in Wheatland can be relatively moderate depending on the specific property. Understanding these factors is crucial for homeowners, as property taxes represent a significant annual expense and can impact overall housing affordability.
Average Wheatland Tax Bill
$680
Average Knox County Tax Bill
$903
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheatland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47597 | $162 | $299 | $680 | $1,229 | $2,000 |
Source: Ownwell