Covington, Indiana Property Taxes
The median property tax rate in Covington, IN is 0.68%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $169,800 in Covington, the typical annual property tax bill amounts to $1,193, falling below the national median of $2,690. Property taxes in Covington are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Covington'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 Covington 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
Covington, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,155
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, Indiana
Property taxes in Covington, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 0.68%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47932 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Covington provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Tax Rate
0.68%
Average Warren County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47932 | 0.49% | 0.60% | 0.68% | 1.24% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Indiana
In Covington, 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 Warren 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. In Covington, 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 Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Covington is $169,800, with tax bills ranging from $722 at the 25th percentile to $2,710 at the 90th percentile. The zip code 47932 has both the highest and lowest median tax bill, recorded at $1,193.
Average Covington Assessed Value
$169,800
Average Warren County Assessed Value
$119,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47932 | $48,960 | $111,000 | $169,800 | $231,150 | $303,940 |
Source: Ownwell
Property Tax Bills Across Covington, Indiana
In Covington, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For homeowners in Covington, this means that if the median home price is $169,800, the property tax bill will be influenced by this valuation. The tax rate in Covington is applied to the assessed value to calculate the annual property tax bill. Factors such as property size, location, and improvements can affect the assessed value, and consequently, the tax bill. For instance, homeowners at the 25th percentile can expect a tax bill of around $722, while those at the 75th percentile might see a bill closer to $1,820. At the 90th percentile, tax bills can reach up to $2,710. Compared to the national median property tax rate of 0.99%, homeowners in Covington experience varying tax amounts based on their property's assessed value, impacting their annual financial planning and homeownership costs.
Average Covington Tax Bill
$1,193
Average Warren County Tax Bill
$1,064
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47932 | $358 | $722 | $1,193 | $1,820 | $2,710 |
Source: Ownwell