Putnamville, Indiana Property Taxes
The median property tax rate in Putnamville, IN is 0.50%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Putnamville, the typical annual property tax bill reaches $245, significantly below the national median of $2,690. Property taxes in Putnamville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Putnamville'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 Putnamville 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
Putnamville, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Putnamville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Putnamville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Putnamville 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 Putnamville, Indiana
Property taxes in Putnamville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Putnamville is 0.50%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Putnamville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Putnamville 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 Putnamville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46170 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Putnamville 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 Putnamville Tax Rate
0.50%
Average Putnam County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Putnamville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46170 | 0.28% | 0.31% | 0.50% | 0.62% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Putnamville, Indiana
In Putnamville, 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 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 Putnamville, 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 Putnamville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $63,200, with the median tax bill in ZIP code 46170 being $245, the highest and lowest in the area.
Average Putnamville Assessed Value
$63,200
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 Putnamville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46170 | $15,580 | $43,250 | $63,200 | $97,600 | $126,160 |
Source: Ownwell
Property Tax Bills Across Putnamville, Indiana
In Putnamville, Putnam County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in this area is $63,200. Property tax rates are applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and market conditions can influence the assessed value. Homeowners in Putnamville typically see tax bills ranging from $139 at the 25th percentile to $662 at the 90th percentile, with a median tax bill of $245. This is significantly lower than the national median property tax rate of 0.99%. The relatively low property tax rates in Putnamville can make homeownership more affordable, but it also means that local services funded by property taxes may receive less revenue. Homeowners must balance the benefits of lower taxes with the potential impact on community resources and services.
Average Putnamville Tax Bill
$245
Average Putnam County Tax Bill
$978
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Putnamville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46170 | $114 | $139 | $245 | $404 | $662 |
Source: Ownwell