Walkerton, Indiana Property Taxes
The median property tax rate in Walkerton, IN is 0.88%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Walkerton at $132,800, the typical annual property tax bill reaches $1,191, which is lower than the national median of $2,690. Property taxes in Walkerton are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Walkerton'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 Walkerton 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
Walkerton, 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 Walkerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walkerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walkerton 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 Walkerton, Indiana
Property taxes in Walkerton, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walkerton is 0.88%, lower than the U.S. national median of 0.99%. Local government entities within Walkerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walkerton 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 Walkerton's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46574 zip code has the highest median property tax rate of 0.88%, while the 46574 zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Walkerton provides valuable insights into the varying tax landscape across Starke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walkerton Tax Rate
0.88%
Average Starke County Tax Rate
0.83%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walkerton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46574 | 0.40% | 0.62% | 0.88% | 1.55% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Walkerton, Indiana
In Walkerton, 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 Starke 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 Walkerton, 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 Walkerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Walkerton is $1,191.00 in the 46574 zip code, which is also the lowest.
Average Walkerton Assessed Value
$132,800
Average Starke County Assessed Value
$132,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walkerton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46574 | $39,980 | $83,225 | $132,800 | $218,250 | $345,710 |
Source: Ownwell
Property Tax Bills Across Walkerton, Indiana
In Walkerton, located in Starke County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as the property's size, age, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Walkerton, the tax rate is influenced by local government budgets and the need to fund public services such as schools, infrastructure, and emergency services. The median home price in Walkerton is $132,800, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is around $590, while at the 75th percentile, it rises to $2,364. At the 90th percentile, homeowners might face a tax bill as high as $4,095. Compared to the national median property tax rate of 0.99%, Walkerton's tax rates reflect the local economic conditions and public service requirements, directly impacting homeowners' annual financial obligations.
Average Walkerton Tax Bill
$1,191
Average Starke County Tax Bill
$1,097
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Walkerton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46574 | $282 | $590 | $1,191 | $2,364 | $4,095 |
Source: Ownwell