Winchester, Indiana Property Taxes
The median property tax rate in Winchester, Indiana is 0.98%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Winchester at $92,300, the typical annual property tax bill is $959, which is significantly lower than the national median of $2,690. Property taxes in Winchester 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 Winchester'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 Winchester 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
Winchester, 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 Winchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winchester 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 Winchester, Indiana
Property taxes in Winchester, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winchester is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Winchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winchester 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 Winchester's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47394 has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with Winchester provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winchester Tax Rate
0.98%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winchester, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47394 | 0.50% | 0.81% | 0.98% | 1.71% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Winchester, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Winchester, Indiana. 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 Randolph 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 Winchester, 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 Winchester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Winchester are both $959, located in the 47394 zip code.
Average Winchester Assessed Value
$92,300
Average Randolph County Assessed Value
$87,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winchester, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47394 | $37,480 | $60,400 | $92,300 | $139,000 | $214,420 |
Source: Ownwell
Property Tax Bills Across Winchester, Indiana
In Winchester, located in Randolph County, Indiana, property tax bills are determined based on the assessed value of your home. The local tax rate is applied to this assessed value to calculate the final tax bill. Factors influencing this assessment include the property's market value, location, and any improvements made to the home. For homeowners, this means that properties with higher assessed values will result in higher tax bills. The median home price in Winchester is $92,300, and the property tax rate is reflective of this valuation. Tax bills in the area range significantly, with the 25th percentile at $588 and the 75th percentile reaching $1,553. The highest median tax bill recorded in the 47394 zip code is $959, which is below the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Winchester Tax Bill
$959
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Winchester, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47394 | $294 | $588 | $959 | $1,553 | $2,661 |
Source: Ownwell