South Whitley, Indiana Property Taxes
The median property tax rate in South Whitley, IN is 0.85%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in South Whitley at $158,100, the typical annual property tax bill is around $1,392, significantly below the national median of $2,690. Property taxes in South Whitley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding South Whitley'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 South Whitley 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
South Whitley, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,344
Ownwell’s South Whitley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Whitley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Whitley 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 South Whitley, Indiana
Property taxes in South Whitley, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Whitley is 0.85%, lower than the U.S. national median of 0.99%. Local government entities within South Whitley set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Whitley 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 South Whitley's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46787 has the highest median property tax rate of 0.85%, while also having the lowest median tax rate of 0.85%. Understanding how these cities compare with South Whitley provides valuable insights into the varying tax landscape across Whitley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Whitley Tax Rate
0.85%
Average Whitley County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Whitley, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46787 | 0.51% | 0.69% | 0.85% | 1.00% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across South Whitley, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in South Whitley, 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 Whitley 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 South Whitley, 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. For instance, the median home price in South Whitley is $158,100, and the median tax bill is $1,392. 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 South Whitley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average South Whitley Assessed Value
$158,100
Average Whitley County Assessed Value
$192,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Whitley, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46787 | $87,720 | $113,600 | $158,100 | $225,400 | $322,640 |
Source: Ownwell
Property Tax Bills Across South Whitley, Indiana
In South Whitley, Whitley County, IN, 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 then multiplied by the local tax rate to arrive at the annual tax bill. Factors such as the property's market value, location, and any applicable exemptions can influence the assessed value. Homeowners in South Whitley experience a range of property tax bills, with the 25th percentile at $868 and the 75th percentile reaching $2,146. Those in the 90th percentile pay as much as $3,251 annually. The median home price in the area stands at $158,100, contributing to these tax figures. Compared to the national median property tax rate of 0.99%, South Whitley's rates reflect the local economic conditions and property values. These taxes fund essential public services, including schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average South Whitley Tax Bill
$1,392
Average Whitley County Tax Bill
$1,635
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across South Whitley, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46787 | $490 | $868 | $1,392 | $2,146 | $3,251 |
Source: Ownwell