Tennyson, Indiana Property Taxes
The median property tax rate in Tennyson, Indiana is 0.53%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Tennyson at $127,500, the typical annual property tax bill amounts to $710, which is well below the national median of $2,690. Property taxes in Tennyson are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tennyson'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 Tennyson 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
Tennyson, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$676
Ownwell’s Tennyson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tennyson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tennyson 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 Tennyson, Indiana
Property taxes in Tennyson, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tennyson is 0.53%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Tennyson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tennyson 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 Tennyson's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47637 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these areas compare with Tennyson 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 Tennyson Tax Rate
0.53%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tennyson, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47637 | 0.29% | 0.43% | 0.53% | 0.67% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Tennyson, Indiana
In Tennyson, 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 Spencer 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 Tennyson, 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 Tennyson 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 are both $710.00, with the zip code 47637.
Average Tennyson Assessed Value
$127,500
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 Tennyson, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47637 | $28,200 | $91,450 | $127,500 | $191,750 | $240,300 |
Source: Ownwell
Property Tax Bills Across Tennyson, Indiana
In Tennyson, Spencer County, IN, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Tennyson is $127,500, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $384, while at the 75th percentile, it rises to $1,186, and at the 90th percentile, it reaches $1,491. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Tennyson may find their tax bills to be relatively moderate or high, depending on their property's assessed value. Understanding these factors and how they contribute to the overall tax bill is crucial for homeowners aiming to manage their expenses effectively.
Average Tennyson Tax Bill
$710
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Tennyson, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47637 | $144 | $384 | $710 | $1,186 | $1,491 |
Source: Ownwell