Vevay, Indiana Property Taxes
The median property tax rate in Vevay, IN is 0.82%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $88,500 in Vevay, the typical annual property tax bill amounts to $751, well below the national median of $2,690. Property taxes in Vevay are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Vevay'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 Vevay or another part of Switzerland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vevay, 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 Vevay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vevay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vevay 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 Vevay, Indiana
Property taxes in Vevay, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vevay is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Vevay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vevay 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 Vevay's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47043 in Switzerland County has the same median property tax rate of 0.82%. Understanding how these cities compare with Vevay provides valuable insights into the varying tax landscape across Switzerland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vevay Tax Rate
0.82%
Average Switzerland County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vevay, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47043 | 0.40% | 0.58% | 0.82% | 1.46% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Vevay, Indiana
In Vevay, 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 Switzerland 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 Vevay, 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. For example, the median home price in Vevay is $88,500, with annual tax bills ranging from $379 at the 25th percentile to $2,003 at the 90th percentile. The zip code 47043 has the highest and lowest median tax bill at $751. 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 Vevay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vevay Assessed Value
$88,500
Average Switzerland County Assessed Value
$86,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vevay, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47043 | $29,700 | $52,500 | $88,500 | $134,700 | $192,220 |
Source: Ownwell
Property Tax Bills Across Vevay, Indiana
In Vevay, located in Switzerland County, IN, property tax bills are calculated based on the assessed value of a home. The median home price in Vevay is $88,500. Property taxes are determined by multiplying the assessed value by the local tax rate. For example, homeowners in the 25th percentile can expect a tax bill around $379, while those in the 75th percentile may see bills up to $1,310. Homeowners in the 90th percentile face higher tax bills, approximately $2,003. These tax bills are influenced by various factors, including property size, location, and any applicable exemptions. The highest and lowest median tax bills in Vevay both stand at $751, reflecting a consistent property tax environment within the zip code 47043. This rate is relatively lower compared to the national median property tax rate of 0.99%, making Vevay an attractive location for homeowners looking for manageable property tax expenses. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Vevay Tax Bill
$751
Average Switzerland County Tax Bill
$696
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Vevay, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47043 | $201 | $379 | $751 | $1,310 | $2,003 |
Source: Ownwell