Kokomo, Indiana Property Taxes
The median property tax rate in Kokomo, IN is 0.66%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Kokomo, the typical annual property tax bill reaches $1,361, well below the national median of $2,690. Property taxes in Kokomo are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kokomo'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 Kokomo 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
Kokomo, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,375
Ownwell’s Kokomo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kokomo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kokomo 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 Kokomo, Indiana
Property taxes in Kokomo, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kokomo is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Kokomo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kokomo 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 Kokomo's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46902 has both the highest and lowest median property tax rate in the area, at 0.66%. Understanding how these cities compare with Kokomo provides valuable insights into the varying tax landscape across Tipton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kokomo Tax Rate
0.66%
Average Tipton County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kokomo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46902 | 0.51% | 0.61% | 0.66% | 0.72% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Kokomo, Indiana
In Kokomo, 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 Tipton 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 Kokomo, 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. The zip code with the highest median tax bill in Kokomo is 46902, with a median tax bill of $1,361. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kokomo Assessed Value
$208,400
Average Tipton County Assessed Value
$150,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kokomo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46902 | $145,650 | $169,675 | $208,400 | $245,250 | $292,850 |
Source: Ownwell
Property Tax Bills Across Kokomo, Indiana
Property tax bills in Kokomo, located in Tipton County, Indiana, are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the property's market value and apply an assessment ratio. In Kokomo, property taxes are influenced by various factors, including the property's location, size, and condition, as well as local tax rates. Homeowners in Kokomo can expect their property tax bills to vary significantly. For instance, the median home price stands at $208,400, with tax bills ranging from $1,047 at the 25th percentile to $2,237 at the 90th percentile. The median tax rate in Kokomo aligns closely with the national median of 0.99%, making it relatively comparable to other regions. These property taxes fund essential local services such as schools, public safety, and infrastructure. Consequently, homeowners benefit from well-maintained community services, although higher property values can lead to increased tax bills. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Kokomo Tax Bill
$1,361
Average Tipton County Tax Bill
$1,227
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Kokomo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46902 | $745 | $1,047 | $1,361 | $1,781 | $2,237 |
Source: Ownwell