West Terre Haute, Indiana Property Taxes
The median property tax rate in West Terre Haute, IN is 0.54%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in West Terre Haute at $76,900, the typical annual property tax bill reaches $414, significantly below the national median of $2,690. Property taxes in West Terre Haute 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 West Terre Haute'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 West Terre Haute 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
West Terre Haute, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$415
Ownwell’s West Terre Haute Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Terre Haute with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Terre Haute 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 West Terre Haute, Indiana
Property taxes in West Terre Haute, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in West Terre Haute is 0.54%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within West Terre Haute set these rates annually, and they can vary across different neighborhoods. Each year, West Terre Haute 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 West Terre Haute's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47885 has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with West Terre Haute 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 West Terre Haute Tax Rate
0.54%
Average Vermillion County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47885 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across West Terre Haute, Indiana
In West Terre Haute, 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 Assessor's Office 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 West Terre Haute, 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 West Terre Haute helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 47885, with a median tax bill of $414.
Property Tax Assessment Values Across West Terre Haute, Indiana
Source: Ownwell
$38,300
$79,750
$121,200
Average West Terre Haute Assessed Value
$76,900
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 West Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47885 | $76,900 | $76,900 | $76,900 | $76,900 | $76,900 |
Source: Ownwell
Property Tax Bills Across West Terre Haute, Indiana
In West Terre Haute, located in Vermillion County, Indiana, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, the median home price in West Terre Haute is $76,900. Property taxes in this area are relatively straightforward, with the median tax bill consistently at $414 across various percentiles, including the 25th, 75th, and 90th percentiles. The property tax rate in West Terre Haute is notably lower than the national median property tax rate of 0.99%. This lower rate can provide significant savings for homeowners compared to other parts of the country. Factors such as property size, location, and any applicable exemptions are considered when determining the final tax bill. This consistency in tax bills can offer homeowners a predictable annual expense, contributing to more stable financial planning. Overall, the property tax system in West Terre Haute is designed to be equitable and manageable for its residents.
Average West Terre Haute Tax Bill
$414
Average Vermillion County Tax Bill
$864
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across West Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47885 | $414 | $414 | $414 | $414 | $414 |
Source: Ownwell