Twelve Mile, Indiana Property Taxes
The median property tax rate in Twelve Mile, IN is 0.69%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Twelve Mile at $87,200, the typical annual property tax bill is $632, significantly below the national median of $2,690. Property taxes in Twelve Mile are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Twelve Mile'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 Twelve Mile or another part of Cass County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Twelve Mile, 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 Twelve Mile Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Twelve Mile with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twelve Mile 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 Twelve Mile, Indiana
Property taxes in Twelve Mile, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twelve Mile is 0.69%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Twelve Mile set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twelve Mile 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 Twelve Mile's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46988 has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Twelve Mile provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Twelve Mile Tax Rate
0.69%
Average Cass County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twelve Mile, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46988 | 0.35% | 0.47% | 0.69% | 1.62% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Twelve Mile, Indiana
In Twelve Mile, 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 local 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 Twelve Mile, 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 Twelve Mile helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $87,200, with the highest median tax bill being $632 in the 46988 zip code, which also has the lowest median tax bill at the same value.
Average Twelve Mile Assessed Value
$87,200
Average Cass County Assessed Value
$79,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Twelve Mile, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46988 | $33,740 | $56,000 | $87,200 | $123,400 | $168,640 |
Source: Ownwell
Property Tax Bills Across Twelve Mile, Indiana
In Twelve Mile, located in Cass County, IN, property tax bills are calculated based on the assessed value of your home and the local tax rate. With a median home price of $87,200, the property tax rate in this region significantly impacts homeowners. The assessed value serves as the foundation for determining your tax bill, which is then multiplied by the local tax rate to yield the final amount. For example, the tax bill at the 25th percentile is $296, while at the 75th percentile, it reaches $1,038. At the 90th percentile, homeowners might see tax bills as high as $1,718. These figures highlight the range of property taxes in Twelve Mile, reflecting how different factors such as home value and local tax rates influence the final amount. Compared to the national median property tax rate of 0.99%, Twelve Mile's rates can vary, affecting homeowners differently based on their property's assessed value. Understanding these nuances helps homeowners anticipate their financial obligations better.
Average Twelve Mile Tax Bill
$632
Average Cass County Tax Bill
$871
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Twelve Mile, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46988 | $181 | $296 | $632 | $1,038 | $1,718 |
Source: Ownwell