Shipshewana, Indiana Property Taxes
The median property tax rate in Shipshewana, IN is 0.71%, lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Shipshewana at $230,900, the typical annual property tax bill is approximately $1,352, which is significantly below the national median of $2,690. Property taxes in Shipshewana are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Shipshewana's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Shipshewana or another part of LaGrange County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shipshewana, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,639
Ownwell’s SHIPSHEWANA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SHIPSHEWANA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SHIPSHEWANA 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 Shipshewana, Indiana
Property taxes in Shipshewana, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shipshewana is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Shipshewana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shipshewana 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 Shipshewana's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46565 has the highest median property tax rate of 0.71%, while the lowest median tax rate is also 0.71% in the same zip code. Understanding how these areas compare with Shipshewana 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 Shipshewana Tax Rate
0.71%
Average Lagrange County Tax Rate
0.63%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shipshewana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46565 | 0.41% | 0.51% | 0.71% | 1.07% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Shipshewana, Indiana
In Shipshewana, 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 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 Shipshewana, 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. For instance, the median home price in Shipshewana is $230,900, with tax bills ranging from $354 at the 25th percentile to $3,674 at the 90th percentile. The highest and lowest median tax bills are both $1,352 in the 46565 zip code. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shipshewana Assessed Value
$230,900
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 Shipshewana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46565 | $10,560 | $57,300 | $230,900 | $373,100 | $518,740 |
Source: Ownwell
Property Tax Bills Across Shipshewana, Indiana
In Shipshewana, located in LaGrange County, Indiana, property tax bills are calculated based on the assessed value of the property. The local government determines this assessed value, which is typically a percentage of the property's market value. Homeowners in Shipshewana can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $354, while the 75th percentile tax bill rises to $2,431, and those in the 90th percentile may see bills as high as $3,674. Several factors influence the final tax bill, including property size, location, and improvements made to the property. The local tax rate, which is applied to the assessed value, also plays a crucial role. In Shipshewana, the median property tax bill is $1,352, which is notably lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be a significant advantage for homeowners, making it an attractive place to own property.
Average Shipshewana Tax Bill
$1,352
Average Lagrange County Tax Bill
$1,119
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Shipshewana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46565 | $106 | $354 | $1,352 | $2,431 | $3,674 |
Source: Ownwell