Cromwell, Indiana Property Taxes
The median property tax rate in Cromwell, IN is 0.56%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $142,600 in Cromwell, the typical annual property tax bill is $646, well below the national median of $2,690. Property taxes in Cromwell are calculated based on the assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cromwell'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 Cromwell or another part of Kosciusko County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cromwell, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$799
Ownwell’s Cromwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cromwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cromwell 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 Cromwell, Indiana
Property taxes in Cromwell, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cromwell is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Cromwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cromwell 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 Cromwell's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46732 has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Cromwell 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 Cromwell Tax Rate
0.56%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cromwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46732 | 0.28% | 0.37% | 0.56% | 0.81% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Cromwell, Indiana
In Cromwell, 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 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 Cromwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cromwell is $142,600, with the highest and lowest median tax bills both recorded at $646 in the zip code 46732.
Average Cromwell Assessed Value
$142,600
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 Cromwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46732 | $19,360 | $37,225 | $142,600 | $238,850 | $361,030 |
Source: Ownwell
Property Tax Bills Across Cromwell, Indiana
In Cromwell, located in Kosciusko County, Indiana, property tax bills are calculated based on the assessed value of the home, which is determined by local government assessors. These assessors evaluate various factors, including the property's market value, location, and any improvements made. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Cromwell, the median home price is $142,600, with property tax bills ranging significantly. The 25th percentile tax bill is $246, while the 75th percentile is $1,262, and the 90th percentile reaches up to $2,275. This wide range indicates that property tax bills can vary greatly depending on the specific characteristics and assessed value of each property. Compared to the national median property tax rate of 0.99%, Cromwell's property tax rates can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Understanding these factors is crucial for homeowners to accurately anticipate their annual property tax expenses.
Average Cromwell Tax Bill
$646
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cromwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46732 | $115 | $246 | $646 | $1,262 | $2,275 |
Source: Ownwell