Cloverdale, Indiana Property Taxes
The median property tax rate in Cloverdale, IN is 0.69%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $105,000 in Cloverdale, the typical annual property tax bill amounts to $799, well below the national median of $2,690. Property taxes in Cloverdale are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Cloverdale's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cloverdale or another part of Putnam County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cloverdale, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$725
Ownwell’s Cloverdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cloverdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cloverdale 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 Cloverdale, Indiana
Property taxes in Cloverdale, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cloverdale is 0.69%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Cloverdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cloverdale 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 Cloverdale's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46120 zip code has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Cloverdale provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cloverdale Tax Rate
0.69%
Average Putnam County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cloverdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46120 | 0.35% | 0.50% | 0.69% | 1.05% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Cloverdale, Indiana
In Cloverdale, 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 Putnam 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 Cloverdale, 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 Cloverdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cloverdale are both $799.00, found in the 46120 zip code.
Average Cloverdale Assessed Value
$105,000
Average Putnam County Assessed Value
$120,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cloverdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46120 | $36,240 | $61,900 | $105,000 | $163,900 | $225,480 |
Source: Ownwell
Property Tax Bills Across Cloverdale, Indiana
In Cloverdale, property tax bills are calculated based on the assessed value of your home. The local government first determines the market value of your property, which is then assessed at a certain percentage to establish the taxable value. Several factors influence this assessment, including the condition of your home, its location, and recent sales of similar properties in the area. Once the assessed value is determined, the local tax rate is applied to calculate the tax bill. For homeowners in Cloverdale, the tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $384, while at the 75th percentile, it rises to $1,373. At the 90th percentile, homeowners might see a tax bill as high as $2,093. The highest and lowest median tax bills in the area are both $799, indicating a range of property values and tax burdens within the same zip code. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly affecting the quality of life in Cloverdale.
Average Cloverdale Tax Bill
$799
Average Putnam County Tax Bill
$978
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cloverdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46120 | $196 | $384 | $799 | $1,373 | $2,093 |
Source: Ownwell