Remington, Indiana Property Taxes
The median property tax rate in Remington, IN is 0.68%, 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 Remington at $262,350, the typical annual property tax bill amounts to $1,766, significantly below the national median of $2,690. Property taxes in Remington are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Remington'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 Remington or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Remington, 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 Remington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Remington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Remington 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 Remington, Indiana
Property taxes in Remington, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Remington is 0.68%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Remington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Remington 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 Remington's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47977 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Remington provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Remington Tax Rate
0.68%
Average Benton County Tax Rate
0.89%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Remington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47977 | 0.49% | 0.57% | 0.68% | 0.95% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Remington, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Remington, 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 Benton 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 Remington, 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 example, the median home price in Remington is $262,350, with annual tax bills ranging from $1,294 at the 25th percentile to $5,210 at the 90th percentile. The highest and lowest median tax bill is $1,766 in the 47977 zip code. 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 Remington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Remington Assessed Value
$262,350
Average Benton County Assessed Value
$140,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Remington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47977 | $152,170 | $196,775 | $262,350 | $395,550 | $546,850 |
Source: Ownwell
Property Tax Bills Across Remington, Indiana
In Remington, located in Benton County, IN, property tax bills are primarily calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied. The median home price in Remington is $262,350, and with the national median property tax rate at 0.99%, homeowners can compare their obligations to the national average. Tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,294, while the 75th percentile reaches $3,321, and the 90th percentile goes up to $5,210. These variations reflect differences in property values and specific tax rates within the county. The highest and lowest median tax bills in Remington are both recorded at $1,766, indicating a relatively uniform tax environment within the zip code 47977. Homeowners must consider these factors as property taxes directly impact their annual financial planning and overall cost of homeownership.
Average Remington Tax Bill
$1,766
Average Benton County Tax Bill
$1,355
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Remington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47977 | $797 | $1,294 | $1,766 | $3,321 | $5,210 |
Source: Ownwell