Boston, Indiana Property Taxes
The median property tax rate in Boston, Indiana is 0.74%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Boston at $63,700, the typical annual property tax bill amounts to $490, significantly below the national median of $2,690. Property taxes in Boston are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Boston's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Boston 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
Boston, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$471
Ownwell’s Boston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boston 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 Boston, Indiana
Property taxes in Boston, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boston is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Boston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boston 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 Boston's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47324 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Boston provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boston Tax Rate
0.74%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47324 | 0.34% | 0.45% | 0.74% | 1.86% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Boston, Indiana
In Boston, 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 Wayne 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 Boston, 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 Boston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Boston are both $490.00, found in zip code 47324.
Average Boston Assessed Value
$63,700
Average Wayne County Assessed Value
$92,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47324 | $25,850 | $45,650 | $63,700 | $81,375 | $112,800 |
Source: Ownwell
Property Tax Bills Across Boston, Indiana
In Boston, property tax bills are calculated based on the assessed value of your home, which is determined by local government assessors. The median home price in the area is $63,700. Property taxes are then calculated by applying the local tax rate to this assessed value. For example, homeowners at the 25th percentile can expect a tax bill around $253, while those at the 75th percentile might see a tax bill closer to $861. At the 90th percentile, the tax bill can rise to approximately $1469. Several factors influence these tax bills, including property size, location, and any improvements made to the home. The highest and lowest median tax bill in the area is $490, specifically in the zip code 47324. Compared to the national median property tax rate of 0.99%, Boston’s tax rates can significantly impact homeowners, potentially making it more challenging to manage annual expenses. Understanding these factors can help homeowners better anticipate their financial responsibilities.
Average Boston Tax Bill
$490
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Boston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47324 | $184 | $253 | $490 | $861 | $1,469 |
Source: Ownwell