Holland, Indiana Property Taxes
The median property tax rate in Holland, IN is 0.54%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Holland at $115,900, the typical annual property tax bill reaches $568, significantly less than the national median of $2,690. Property taxes in Holland 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 Holland'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 Holland or another part of Spencer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Holland, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$626
Ownwell’s Holland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holland 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 Holland, Indiana
Property taxes in Holland, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holland is 0.54%, which is lower than the U.S. national median of 0.99%. Local government entities within Holland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holland 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 Holland's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47541 zip code has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with Holland provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holland Tax Rate
0.54%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47541 | 0.49% | 0.49% | 0.54% | 0.70% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Holland, Indiana
In Holland, 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 Spencer County 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 Holland, 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. The median home price in Holland is $115,900, with tax bills ranging from $501 at the 25th percentile to $851 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Holland Assessed Value
$115,900
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47541 | $56,930 | $93,875 | $115,900 | $130,100 | $152,960 |
Source: Ownwell
Property Tax Bills Across Holland, Indiana
Property tax bills in Holland, Spencer County, IN, are determined by assessing the value of a property and applying the local tax rate to that assessed value. The median property tax rate in Holland is 0.49%, significantly lower than the national median rate of 0.99%. This means homeowners in Holland generally pay less in property taxes compared to the national average. For instance, a property with a median home price of $115,900 would generate a tax bill of approximately $568 annually. Factors influencing the tax bill include the assessed value of the property and any applicable exemptions or deductions. Homeowners in Holland might see tax bills ranging from $501 at the 25th percentile to $851 at the 90th percentile, reflecting variations in property values and individual circumstances. This relatively low tax burden can make homeownership more affordable in Holland, providing financial relief compared to other regions with higher property tax rates.
Average Holland Tax Bill
$568
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Holland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47541 | $407 | $501 | $568 | $679 | $851 |
Source: Ownwell