Atwood, Indiana Property Taxes
The median property tax rate in Atwood, IN is 0.50%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Atwood, the typical annual property tax bill reaches $498, significantly below the national median of $2,690. Property taxes in Atwood 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 Atwood'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 Atwood or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Atwood, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$525
-$5,497
Ownwell’s Atwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Atwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atwood 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 Atwood, Indiana
Property taxes in Atwood, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atwood is 0.50%, significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Atwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atwood 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 Atwood's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46502 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Atwood provides valuable insights into the varying tax landscape across Kosciusko County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atwood Tax Rate
0.50%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46502 | 0.29% | 0.37% | 0.50% | 1.20% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Atwood, Indiana
In Atwood, 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 Kosciusko 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. Assessment notices in Atwood 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 Atwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Atwood both stand at $498, specifically in the zip code 46502.
Average Atwood Assessed Value
$104,900
Average Kosciusko County Assessed Value
$191,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46502 | $56,000 | $89,500 | $104,900 | $127,800 | $167,800 |
Source: Ownwell
Property Tax Bills Across Atwood, Indiana
In Atwood, property tax bills are determined by multiplying the assessed value of a property by the local tax rate set by Kosciusko County. The assessed value is a percentage of the market value of the home, which is determined by the county assessor. For instance, with a median home price of $104,900, homeowners can expect a range of tax bills. At the 25th percentile, tax bills are around $319, while at the 75th percentile, they can go up to $1,251. The highest tax bills, at the 90th percentile, reach approximately $1,650. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Atwood residents experience a varied tax landscape. Understanding how these factors influence property tax bills can help homeowners better manage their finances and anticipate annual costs.
Average Atwood Tax Bill
$498
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Atwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46502 | $198 | $319 | $498 | $1,251 | $1,650 |
Source: Ownwell