Gwynneville, Indiana Property Taxes
The median property tax rate in Gwynneville, IN is 0.69%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Gwynneville at $79,800, the typical annual property tax bill is $538, which is well below the national median of $2,690. Property taxes in Gwynneville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Gwynneville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in downtown Gwynneville or another part of Shelby County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gwynneville, 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 Gwynneville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gwynneville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gwynneville 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 Gwynneville, Indiana
Property taxes in Gwynneville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gwynneville is 0.69%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Gwynneville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gwynneville 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 Gwynneville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46144 zip code has the highest median property tax rate of 0.69%, while the 46144 zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Gwynneville provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gwynneville Tax Rate
0.69%
Average Shelby County Tax Rate
0.85%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gwynneville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46144 | 0.35% | 0.43% | 0.69% | 1.58% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Gwynneville, Indiana
In Gwynneville, 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 Shelby 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 Gwynneville, 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 Gwynneville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $538, corresponding to the zip code 46144.
Average Gwynneville Assessed Value
$79,800
Average Shelby County Assessed Value
$152,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gwynneville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46144 | $12,260 | $56,500 | $79,800 | $106,300 | $138,060 |
Source: Ownwell
Property Tax Bills Across Gwynneville, Indiana
In Gwynneville, Shelby County, IN, 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 property tax rate to determine the annual tax bill. For instance, the median home price in Gwynneville is $79,800. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $226 and the 75th percentile reaching $954. At the higher end, the 90th percentile tax bill is $1,464. Several factors influence the property tax bill, including property improvements, market conditions, and local government budgets. These taxes are essential for funding public services such as schools, infrastructure, and emergency services. For homeowners, understanding these factors is crucial as they directly impact the affordability and long-term costs of owning a home. Compared to the national median property tax rate of 0.99%, the specific rates in Gwynneville can provide a more tailored perspective on property ownership costs in this region.
Average Gwynneville Tax Bill
$538
Average Shelby County Tax Bill
$1,312
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Gwynneville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46144 | $118 | $226 | $538 | $954 | $1,464 |
Source: Ownwell