Winfield, Indiana Property Taxes
The median property tax rate in Winfield, IN is 1.30%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Winfield at $411,300, the typical annual property tax bill reaches $4,517, exceeding the national median of $2,690. Property taxes in Winfield 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 Winfield'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 Winfield 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
Winfield, 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 Winfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winfield 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 Winfield, Indiana
Property taxes in Winfield, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winfield is 1.30%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Winfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winfield 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 Winfield's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46307 zip code has the highest median property tax rate of 1.30%, while it also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Winfield provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winfield Tax Rate
1.30%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46307 | 1.05% | 1.11% | 1.30% | 1.53% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Winfield, Indiana
In Winfield, 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 local 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 Winfield, 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 Winfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4,517 in the 46307 zip code, while the lowest median tax bill is also $4,517 in the same zip code.
Average Winfield Assessed Value
$411,300
Average Lake County Assessed Value
$187,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46307 | $133,030 | $212,725 | $411,300 | $682,275 | $892,290 |
Source: Ownwell
Property Tax Bills Across Winfield, Indiana
In Winfield, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The assessed value is a percentage of the market value and is used to calculate your tax bill. Several factors are considered, including the property's location, size, and condition. The median home price in Winfield is $411,300, which significantly influences the tax amount. Homeowners in Winfield can expect property tax bills that vary widely. For instance, the 25th percentile tax bill is $2,317, while the 75th percentile tax bill is $8,575, and the 90th percentile tax bill reaches $12,471. These figures highlight the range of property taxes in the area, which can have a substantial impact on homeowners' finances. Comparatively, Winfield's property tax rates might be higher than the national median property tax rate of 0.99%. Understanding these factors can help homeowners budget more effectively and anticipate their annual property tax obligations.
Average Winfield Tax Bill
$4,517
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Winfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46307 | $1,767 | $2,317 | $4,517 | $8,575 | $12,471 |
Source: Ownwell