Worthington, Indiana Property Taxes
The median property tax rate in Worthington, IN is 0.71%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Worthington at $189,150, the typical annual property tax bill amounts to $1,419, which is below the national median of $2,690. Property taxes in Worthington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Worthington'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 Worthington or another part of Owen County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Worthington, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,343
Ownwell’s Worthington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Worthington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Worthington 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 Worthington, Indiana
Property taxes in Worthington, Indiana, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Worthington is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Worthington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Worthington 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 Worthington's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47471 has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Worthington provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Worthington Tax Rate
0.71%
Average Owen County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worthington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47471 | 0.43% | 0.58% | 0.71% | 1.20% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Worthington, Indiana
In Worthington, 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 appraisal authorities 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 Worthington, 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 Worthington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47471 has both the highest and lowest median tax bill at $1,419, highlighting the uniformity in tax assessments within the area.
Average Worthington Assessed Value
$189,150
Average Owen County Assessed Value
$135,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Worthington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47471 | $71,150 | $116,725 | $189,150 | $268,375 | $353,600 |
Source: Ownwell
Property Tax Bills Across Worthington, Indiana
In Worthington, located in Owen County, IN, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local assessors who evaluate the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For instance, homes in areas with higher median home prices, such as Worthington, where the median home price is $189,150, tend to have higher assessed values. Homeowners in Worthington experience a wide range of tax bills. For example, the tax bill at the 25th percentile is $679, while at the 75th percentile, it reaches $2,248, and at the 90th percentile, it can be as high as $3,246. These variations significantly impact homeowners, as higher property taxes can increase the overall cost of homeownership, making budgeting and financial planning essential. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local tax burdens.
Average Worthington Tax Bill
$1,419
Average Owen County Tax Bill
$1,105
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Worthington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47471 | $455 | $679 | $1,419 | $2,248 | $3,246 |
Source: Ownwell