Wingate, Indiana Property Taxes
The median property tax rate in Wingate, IN is 0.64%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Wingate at $109,950, the typical annual property tax bill is $797, well below the national median of $2,690. Property taxes in Wingate are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wingate'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 Wingate 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
Wingate, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$704
Ownwell’s Wingate Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wingate with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wingate 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 Wingate, Indiana
Property taxes in Wingate, Indiana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wingate is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Wingate set these rates annually, and they can vary across different neighborhoods. Each year, Wingate 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 Wingate's effective property tax rate to other areas in Montgomery County and the national median. For comparison, the zip code 47994 has the highest median property tax rate of 0.64%, while also having the lowest median tax rate of 0.64%. Understanding how these areas compare with Wingate provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wingate Tax Rate
0.64%
Average Montgomery County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wingate, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47994 | 0.38% | 0.46% | 0.64% | 1.35% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Wingate, Indiana
In Wingate, 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 Montgomery 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 Wingate, 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. The median home price in Wingate is $109,950, with property tax bills ranging from $394 at the 25th percentile to $2,694 at the 90th percentile. The highest and lowest median tax bills are both $797 in zip code 47994. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wingate Assessed Value
$109,950
Average Montgomery County Assessed Value
$158,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wingate, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47994 | $41,270 | $69,050 | $109,950 | $202,550 | $313,030 |
Source: Ownwell
Property Tax Bills Across Wingate, Indiana
In Wingate, Montgomery County, IN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local assessors who evaluate the property's market value. The tax rate is then applied to this assessed value to determine the annual tax bill. For instance, the median home price in Wingate is $109,950, and the median property tax bill is approximately $797. This is relatively lower compared to the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's location, size, and any improvements made to it. Homeowners in Wingate can expect tax bills to range significantly. For example, the 25th percentile tax bill is around $394, while the 75th percentile reaches $1,622, and the 90th percentile can be as high as $2,694. These variations can impact homeowners' financial planning and budgeting, making it essential for them to understand how their tax bills are determined and what factors contribute to the final amount.
Average Wingate Tax Bill
$797
Average Montgomery County Tax Bill
$1,357
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Wingate, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47994 | $252 | $394 | $797 | $1,622 | $2,694 |
Source: Ownwell