Andrews, Indiana Property Taxes
The median property tax rate in Andrews, IN is 0.55%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Andrews at $191,000, the typical annual property tax bill amounts to $1,176, which is below the national median of $2,690. Property taxes in Andrews are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Andrews' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Andrews 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
Andrews, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,051
Ownwell’s Andrews Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Andrews with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Andrews 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 Andrews, Indiana
Property taxes in Andrews, Indiana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Andrews is 0.55%, notably lower than the U.S. national median of 0.99%. Local government entities within Andrews set these rates annually, and they can vary significantly across different neighborhoods. Each year, Andrews 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 Andrews' effective property tax rate to other counties in Indiana and the national median. For comparison, the 46702 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Andrews provides valuable insights into the varying tax landscape across Wabash County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andrews Tax Rate
0.55%
Average Wabash County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andrews, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46702 | 0.33% | 0.45% | 0.55% | 0.64% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Andrews, Indiana
In Andrews, 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 Wabash 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 Andrews, 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 Andrews helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Andrews are both $1,176, found in the 46702 zip code.
Average Andrews Assessed Value
$191,000
Average Wabash County Assessed Value
$126,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andrews, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46702 | $110,700 | $148,600 | $191,000 | $284,200 | $384,500 |
Source: Ownwell
Property Tax Bills Across Andrews, Indiana
In Andrews, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the market value of the property. Once the assessed value is established, the tax rate, which is set by local taxing authorities, is applied to determine the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, homeowners might qualify for exemptions that can reduce their taxable value, thereby lowering their overall tax bill. In Andrews, the median home price is $191,000. Property tax bills in this area vary significantly, with the 25th percentile at $631 and the 75th percentile reaching $1,740. For those at the 90th percentile, the tax bill can be as high as $2,676. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand how local rates and assessed values impact their financial obligations.
Average Andrews Tax Bill
$1,176
Average Wabash County Tax Bill
$952
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Andrews, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46702 | $336 | $631 | $1,176 | $1,740 | $2,676 |
Source: Ownwell