Ossian, Indiana Property Taxes
The median property tax rate in Ossian, 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 Ossian at $203,700, the typical annual property tax bill amounts to $1,131, which is well below the national median of $2,690. Property taxes in Ossian are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ossian'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 Ossian or another part of Wells County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ossian, 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 Ossian Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Ossian with just two key data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Ossian to provide an estimated property tax bill. This valuable tool offers a clear understanding of potential tax obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Ossian, Indiana
Property taxes in Ossian, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ossian is 0.55%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Ossian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ossian 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 Ossian's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46777 has both the highest and lowest median property tax rate of 0.55%. Understanding how these areas compare with Ossian provides valuable insights into the varying tax landscape across Wells County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ossian Tax Rate
0.55%
Average Wells County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ossian, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46777 | 0.38% | 0.47% | 0.55% | 0.64% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Ossian, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ossian, Indiana. 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 Wells 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 Ossian, 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. For instance, the median home price in Ossian is $203,700, with tax bills ranging from $708 at the 25th percentile to $2,495 at the 90th percentile. The zip code 46777 has both the highest and lowest median tax bill at $1,131. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ossian Assessed Value
$203,700
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 Ossian, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46777 | $113,060 | $148,800 | $203,700 | $278,250 | $363,680 |
Source: Ownwell
Property Tax Bills Across Ossian, Indiana
In Ossian, Wells County, IN, property tax bills are calculated based on the assessed value of the property. The local assessor determines this value by evaluating the property's market value, which is then multiplied by the local tax rate. Factors such as property size, location, and improvements play a significant role in determining the assessed value. For homeowners in Ossian, the tax bill can vary widely. For instance, those in the 25th percentile might pay around $708, while those in the 75th percentile could see bills as high as $1,743. At the 90th percentile, tax bills can reach up to $2,495. The highest median tax bill in the area is $1,131, which also represents the lowest median tax bill, indicating some consistency in property tax rates within the region. Compared to the national median property tax rate of 0.99%, Ossian's rates can offer some relief to homeowners, though the actual tax burden will depend on individual property assessments and local tax rates. This variability underscores the importance of understanding how property taxes are calculated and their impact on household finances.
Average Ossian Tax Bill
$1,131
Average Wells County Tax Bill
$1,092
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Ossian, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46777 | $467 | $708 | $1,131 | $1,743 | $2,495 |
Source: Ownwell