Decatur, Indiana Property Taxes
The median property tax rate in Decatur, IN is 0.56%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Decatur at $218,000, the typical annual property tax bill amounts to $1,470, which is considerably less than the national median of $2,690. Property taxes in Decatur are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Decatur'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 Decatur or another part of Wells County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Decatur, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Decatur Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Decatur with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Decatur 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 Decatur, Indiana
Property taxes in Decatur, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Decatur is 0.81%, higher than both the Indiana state median of 0.76% and the U.S. national median of 0.99%. Local government entities within Decatur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Decatur 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 Decatur's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46733 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Decatur provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Decatur Tax Rate
0.56%
Average Wells County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Decatur, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46733 | 0.45% | 0.52% | 0.56% | 1.10% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Decatur, Indiana
In Decatur, Indiana, understanding the distinction between "market value" and "assessed value" is essential for grasping 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 Adams County Assessment 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 Decatur, 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 Decatur helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Decatur are both $1,470, corresponding to the zip code 46733.
Average Decatur Assessed Value
$218,000
Average Wells County Assessed Value
$188,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Decatur, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46733 | $170,660 | $192,150 | $218,000 | $240,300 | $390,880 |
Source: Ownwell
Property Tax Bills Across Decatur, Indiana
In Decatur, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $218,000, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $997 annually, while those in the 75th percentile see bills close to $2,020. At the 90th percentile, tax bills can soar to $5,463. The tax bill is influenced by various factors, including property size, location, and any applicable exemptions or deductions. In comparison to the national median property tax rate of 0.99%, Decatur's property taxes can be both a financial burden and a critical factor in homeownership costs. Understanding these elements helps homeowners budget effectively and anticipate their annual expenses.
Average Decatur Tax Bill
$1,470
Average Wells County Tax Bill
$1,092
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Decatur, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46733 | $934 | $997 | $1,470 | $2,020 | $5,463 |
Source: Ownwell