Romney, Indiana Property Taxes
The median property tax rate in Romney, IN is 0.72%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $152,650 in Romney, the typical annual property tax bill amounts to $1,244, which is below the national median of $2,690. Property taxes in Romney are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Romney'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 Romney or another part of Tippecanoe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Romney, 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 Romney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Romney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Romney 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 Romney, Indiana
Property taxes in Romney, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Romney is 0.84%, lower than the Indiana state median of 0.85% but higher than the U.S. national median of 0.99%. Local government entities within Romney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Romney 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 Romney's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in the state is found in Tippecanoe County, with a rate of 0.84%, while the lowest median tax rate is also 0.84%. Understanding how these cities compare with Romney provides valuable insights into the varying tax landscape across Tippecanoe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Romney Tax Rate
0.72%
Average Tippecanoe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Romney, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47981 | 0.39% | 0.59% | 0.72% | 0.84% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Romney, Indiana
In Romney, 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 Tippecanoe 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 Romney, 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 Romney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Romney is $152,650, with tax bills ranging from $636 at the 25th percentile to $2,732 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,244 in the 47981 zip code.
Average Romney Assessed Value
$152,650
Average Tippecanoe County Assessed Value
$169,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Romney, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47981 | $72,730 | $106,025 | $152,650 | $240,600 | $311,090 |
Source: Ownwell
Property Tax Bills Across Romney, Indiana
In Romney, located in Tippecanoe County, Indiana, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Romney experience property tax bills that can vary significantly depending on several factors, including property size, location, and improvements made to the home. The tax bill for a median-priced home of $152,650 can range widely. For instance, the 25th percentile tax bill is $636, while the 75th percentile tax bill is $2011, and the 90th percentile tax bill can go up to $2732. These variations highlight how property characteristics and local tax rates influence the final amount owed. Comparatively, the national median property tax rate stands at 0.99%, which provides a benchmark for understanding Romney's tax landscape. Homeowners need to consider these factors as they directly impact annual financial obligations, influencing decisions on buying or improving property within the city.
Average Romney Tax Bill
$1,244
Average Tippecanoe County Tax Bill
$1,655
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Romney, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47981 | $328 | $636 | $1,244 | $2,011 | $2,732 |
Source: Ownwell