Arcola, Indiana Property Taxes
The median property tax rate in Arcola, IN is 0.57%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Arcola at $71,000, the typical annual property tax bill reaches $439, significantly below the national median of $2,690. Property taxes in Arcola are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Arcola'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 Arcola or another part of Allen County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Arcola, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$405
Ownwell’s Arcola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Arcola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Arcola 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 Arcola, Indiana
Property taxes in Arcola, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arcola is 0.57%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Arcola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arcola 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 Arcola's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46704 zip code has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these areas compare with Arcola provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arcola Tax Rate
0.57%
Average Allen County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arcola, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46704 | 0.29% | 0.35% | 0.57% | 1.40% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Arcola, Indiana
In Arcola, 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 Allen County officials 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. 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. Awareness of these valuation processes in Arcola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Arcola is $71,000, with tax bills ranging from $192 at the 25th percentile to $1,628 at the 90th percentile. The highest and lowest median tax bills, both $439, are found in zip code 46704.
Average Arcola Assessed Value
$71,000
Average Allen County Assessed Value
$172,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arcola, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46704 | $38,490 | $49,225 | $71,000 | $114,425 | $171,950 |
Source: Ownwell
Property Tax Bills Across Arcola, Indiana
Property tax bills in Arcola, Indiana, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Arcola can expect their tax bills to vary significantly depending on the value of their homes. For instance, the median home price in Arcola is $71,000, and property tax bills range from the 25th percentile at $192 to the 90th percentile at $1,628. The median property tax bill in Arcola is $439, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable for residents. However, it's important for homeowners to factor in these costs when budgeting for their property expenses. Consequently, understanding how these tax bills are calculated and what influences them can help homeowners better manage their finances and anticipate future tax obligations.
Average Arcola Tax Bill
$439
Average Allen County Tax Bill
$1,797
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Arcola, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46704 | $97 | $192 | $439 | $868 | $1,628 |
Source: Ownwell