Otwell, Indiana Property Taxes
The median property tax rate in Otwell, Indiana is 1.05%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Otwell, the typical annual property tax bill reaches $1,191, which is below the national median of $2,690. Property taxes in Otwell are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Otwell'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 Otwell or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otwell, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,234
Ownwell’s Otwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otwell 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 Otwell, Indiana
Property taxes in Otwell, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otwell is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Otwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otwell 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 Otwell's effective property tax rate to other areas within Pike County and the national median. For comparison, the zip code 47564 has both the highest and lowest median property tax rate of 1.05%. Understanding how these areas compare with Otwell provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otwell Tax Rate
1.05%
Average Pike County Tax Rate
1.08%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47564 | 0.65% | 0.87% | 1.05% | 1.73% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Otwell, Indiana
In Otwell, 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 Pike County Assessor's office 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 Otwell, 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. The median home price in Otwell is $117,500, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $600, while the 75th percentile reaches $2,002, and the 90th percentile goes up to $3,163. The highest and lowest median tax bills are both $1,191 in the 47564 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Otwell Assessed Value
$117,500
Average Pike County Assessed Value
$98,750
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47564 | $21,000 | $68,775 | $117,500 | $172,525 | $244,500 |
Source: Ownwell
Property Tax Bills Across Otwell, Indiana
Property tax bills in Otwell, Pike County, IN are calculated based on the assessed value of a property. The local government assesses the property's value, which is typically a percentage of its market value, and then applies the local tax rate to this assessed value. For homeowners in Otwell, the median home price is $117,500. The property tax rate in this area is slightly above the national median of 0.99%, leading to varying tax bills. Factors such as property size, location, and improvements can influence the assessed value. Tax bills can range significantly; for instance, the 25th percentile tax bill is around $600, while the 75th percentile reaches up to $2,002. The 90th percentile tax bill can go as high as $3,163, reflecting higher-value properties or those with significant improvements. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and public safety. Understanding how these bills are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Otwell Tax Bill
$1,191
Average Pike County Tax Bill
$1,051
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Otwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47564 | $257 | $600 | $1,191 | $2,002 | $3,163 |
Source: Ownwell