Sullivan, Indiana Property Taxes
The median property tax rate in Sullivan, IN is 1.05%, slightly above both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Sullivan at $78,300, the typical annual property tax bill is $890, which is below the national median of $2,690. Property taxes in Sullivan 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 Sullivan'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 Sullivan 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
Sullivan, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$822
Ownwell’s Sullivan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sullivan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sullivan 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 Sullivan, Indiana
Property taxes in Sullivan, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sullivan is 1.05%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Sullivan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sullivan 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 Sullivan's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47882 zip code has the highest median property tax rate of 1.05%, while the 47882 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Sullivan provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sullivan Tax Rate
1.05%
Average Sullivan County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sullivan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47882 | 0.61% | 0.88% | 1.05% | 2.04% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Sullivan, Indiana
In Sullivan, 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 Sullivan 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 Sullivan, 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 Sullivan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Sullivan, the median home price is $78,300, with tax bills ranging from $507 at the 25th percentile to $2,258 at the 90th percentile. The zip code 47882 has both the highest and lowest median tax bill at $890.
Average Sullivan Assessed Value
$78,300
Average Sullivan County Assessed Value
$68,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sullivan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47882 | $23,600 | $44,300 | $78,300 | $121,325 | $176,200 |
Source: Ownwell
Property Tax Bills Across Sullivan, Indiana
In Sullivan, IN, property tax bills are calculated based on the assessed value of a home. The local government determines this value, which is then used to calculate the tax bill by applying the local tax rate. Sullivan's property tax rate is 1.14%, which is higher than the national median of 0.99%. For homeowners, this means that on a median home price of $78,300, the typical tax bill would be around $890 annually. Factors influencing the tax bill include the assessed value of the property and any applicable exemptions. Homeowners in Sullivan can expect their tax bills to vary significantly, with the 25th percentile tax bill at $507 and the 75th percentile reaching $1,449. The top 10% of tax bills can go up to $2,258. These taxes fund local services such as schools, infrastructure, and emergency services, making them a crucial part of community development. Understanding how these taxes are calculated helps homeowners plan their finances more effectively.
Average Sullivan Tax Bill
$890
Average Sullivan County Tax Bill
$721
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Sullivan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47882 | $276 | $507 | $890 | $1,449 | $2,258 |
Source: Ownwell