Goshen, Indiana Property Taxes
The median property tax rate in Goshen, IN is 0.54%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Goshen, the typical annual property tax bill reaches $2,138, which is below the national median of $2,690. Property taxes in Goshen 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 Goshen'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 Goshen 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
Goshen, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$1,929
Ownwell’s Goshen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goshen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goshen 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 Goshen, Indiana
Property taxes in Goshen, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goshen is 0.54%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Goshen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goshen 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 Goshen's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46526 zip code has the highest median property tax rate of 1.08%, while the 46528 zip code has the lowest median tax rate of 0.51%. Understanding how these areas compare with Goshen provides valuable insights into the varying tax landscape across LaGrange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goshen Tax Rate
0.54%
Average Lagrange County Tax Rate
0.63%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goshen, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46526 | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% |
| 46528 | 0.48% | 0.50% | 0.51% | 0.62% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Goshen, Indiana
In Goshen, 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 LaGrange County Appraisal District 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 Goshen, 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 Goshen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Goshen is $2,193 in the 46528 zip code, while the lowest median tax bill is $1,000 in the 46526 zip code.
Average Goshen Assessed Value
$357,150
Average Lagrange County Assessed Value
$195,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goshen, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46526 | $92,900 | $92,900 | $92,900 | $92,900 | $92,900 |
| 46528 | $272,340 | $320,600 | $357,200 | $464,600 | $714,480 |
Source: Ownwell
Property Tax Bills Across Goshen, Indiana
In Goshen, located within LaGrange County, Indiana, property tax bills are determined based on the assessed value of a property. This assessed value is an estimate of the property's market value, which is then multiplied by the local tax rate to calculate the tax bill. Homeowners in Goshen can expect a median property tax rate that aligns closely with the national median of 0.99%. However, the actual tax bill can vary significantly. For instance, the 25th percentile of tax bills in Goshen is around $1,649, while the 75th percentile reaches $2,754, and the 90th percentile can go up to $4,387. The highest median tax bill in the area is $2,193, found in the 46528 zip code, whereas the lowest median tax bill is $1,000 in the 46526 zip code. These variations depend on factors such as property location, size, and any applicable exemptions. Understanding these factors can help homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Goshen Tax Bill
$2,138
Average Lagrange County Tax Bill
$1,119
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Goshen, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46526 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| 46528 | $1,440 | $1,684 | $2,193 | $2,801 | $4,439 |
Source: Ownwell