Universal, Indiana Property Taxes
The median property tax rate in UNIVERSAL, IN is 1.27%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in UNIVERSAL at $39,000, the typical annual property tax bill reaches $373, which is significantly lower than the national median of $2,690. Property taxes in UNIVERSAL 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 UNIVERSAL'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 UNIVERSAL 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
Universal, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$495
Ownwell’s UNIVERSAL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in UNIVERSAL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in UNIVERSAL 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 Universal, Indiana
Property taxes in Universal, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Universal is 1.27%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Universal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Universal 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 Universal's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47884 has both the highest and lowest median property tax rate of 1.27%. Understanding how these cities compare with Universal provides valuable insights into the varying tax landscape across Vermillion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Universal Tax Rate
1.27%
Average Vermillion County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Universal, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47884 | 0.49% | 0.68% | 1.27% | 1.99% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Universal, Indiana
In UNIVERSAL, 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 Vermillion County Appraisal District 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. 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 UNIVERSAL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47884 has the highest median tax bill at $373, while the lowest median tax bill is also $373 in the same zip code.
Average Universal Assessed Value
$39,000
Average Vermillion County Assessed Value
$78,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Universal, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47884 | $12,080 | $23,550 | $39,000 | $54,850 | $76,240 |
Source: Ownwell
Property Tax Bills Across Universal, Indiana
In Universal, located in Vermillion County, Indiana, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $39,000, which serves as the foundation for determining the tax bill. Factors such as property size, location, and any applicable exemptions are considered in the assessment process. Homeowners in Universal can expect their tax bills to vary significantly, with the 25th percentile tax bill at $247, the 75th percentile at $707, and the 90th percentile reaching $1,154. The highest and lowest median tax bills in the county are both $373, indicating a relatively narrow range of tax obligations across different properties. Compared to the national median property tax rate of 0.99%, the property tax rates in Universal can be seen as manageable, especially given the lower median home price. This calculation method ensures that homeowners contribute fairly to local services and infrastructure, based on the value of their property.
Average Universal Tax Bill
$373
Average Vermillion County Tax Bill
$864
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Universal, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47884 | $137 | $247 | $373 | $707 | $1,154 |
Source: Ownwell