Kingman, Indiana Property Taxes
The median property tax rate in Kingman, Indiana is 0.58%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Kingman at $86,200, the typical annual property tax bill amounts to $376, well below the national median of $2,690. Property taxes in Kingman 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 Kingman'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 Kingman 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
Kingman, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$500
Ownwell’s Kingman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kingman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kingman 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 Kingman, Indiana
Property taxes in Kingman, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kingman is 0.58%, significantly lower than the U.S. national median of 0.99%. Local government entities within Kingman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kingman 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 Kingman's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47952 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Kingman provides valuable insights into the varying tax landscape across Parke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kingman Tax Rate
0.58%
Average Parke County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kingman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47952 | 0.23% | 0.32% | 0.58% | 1.10% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Kingman, Indiana
In Kingman, 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 Kingman, 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 Kingman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Kingman is $376 in the zip code 47952, which is also the lowest median tax bill, highlighting a consistent tax environment in the area.
Average Kingman Assessed Value
$86,200
Average Parke County Assessed Value
$117,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kingman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47952 | $12,270 | $33,450 | $86,200 | $134,725 | $225,290 |
Source: Ownwell
Property Tax Bills Across Kingman, Indiana
In Kingman, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Factors that influence the assessed value include the property's market value, location, and physical characteristics such as size and condition. For homeowners in Kingman, the median home price is $86,200. Property tax bills can vary significantly, with the 25th percentile tax bill around $153 and the 75th percentile tax bill reaching $1,005. At the 90th percentile, homeowners might see tax bills as high as $1,597. The highest and lowest median tax bills in the county are both $376, indicating some consistency within the region. These property taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these taxes are calculated can help homeowners better manage their financial planning and anticipate annual expenses.
Average Kingman Tax Bill
$376
Average Parke County Tax Bill
$683
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Kingman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47952 | $69 | $153 | $376 | $1,005 | $1,597 |
Source: Ownwell