Walton, Indiana Property Taxes
The median property tax rate in Walton, IN is 0.90%, slightly below both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Walton at $96,650, the typical annual property tax bill reaches $936, which is lower than the national median of $2,690. Property taxes in Walton 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 Walton'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 Walton 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
Walton, 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 Walton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walton 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 Walton, Indiana
Property taxes in Walton, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walton is 0.90%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Walton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walton 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 Walton's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46994 zip code has both the highest and the lowest median property tax rate of 0.90%. Understanding how these areas compare with Walton 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 Walton Tax Rate
0.90%
Average Cass County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46994 | 0.53% | 0.71% | 0.90% | 1.11% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Walton, Indiana
In Walton, 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 local appraisal authorities 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 Walton, 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 Walton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Walton is $96,650, with the highest and lowest median tax bills both being $936 in the 46994 zip code.
Average Walton Assessed Value
$96,650
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 Walton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46994 | $41,180 | $68,100 | $96,650 | $146,325 | $206,090 |
Source: Ownwell
Property Tax Bills Across Walton, Indiana
Property tax bills in Walton, Cass County, Indiana, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. In Walton, the median home price is $96,650, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $516, while the 75th percentile tax bill is $1,549, and the 90th percentile tax bill reaches $2,237. These variations highlight the impact of different property values and tax rates within the area. Homeowners in Walton with properties assessed at higher values can expect to pay more in property taxes. Compared to the national median property tax rate of 0.99%, the tax rates in Walton can be considered moderate, providing a balanced approach to funding local services without overly burdening homeowners. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Walton Tax Bill
$936
Average Cass County Tax Bill
$871
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Walton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46994 | $279 | $516 | $936 | $1,549 | $2,237 |
Source: Ownwell