Underwood, Indiana Property Taxes
The median property tax rate in Underwood, IN is 0.57%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Underwood at $147,200, the typical annual property tax bill is $799, well below the national median of $2,690. Property taxes in Underwood 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 Underwood'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 Underwood 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
Underwood, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$839
Ownwell’s Underwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Underwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Underwood 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 Underwood, Indiana
Property taxes in Underwood, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Underwood is 0.57%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Underwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Underwood 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 Underwood's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47177 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Underwood provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Underwood Tax Rate
0.57%
Average Clark County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Underwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47177 | 0.28% | 0.44% | 0.57% | 0.80% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Underwood, Indiana
In Underwood, 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 Clark County Assessor 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 Underwood, 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 Underwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47177 has the highest median tax bill at $799, which is also the lowest median tax bill in the area.
Average Underwood Assessed Value
$147,200
Average Clark County Assessed Value
$205,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Underwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47177 | $51,000 | $99,550 | $147,200 | $227,500 | $286,000 |
Source: Ownwell
Property Tax Bills Across Underwood, Indiana
In the city of Underwood, located in Clark County, IN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Underwood is $147,200, and tax bills can vary significantly. The 25th percentile tax bill is $441, while the 75th percentile reaches $1,487, and the 90th percentile can be as high as $1,905. Compared to the national median property tax rate of 0.99%, homeowners in Underwood experience varying impacts on their finances depending on their property's assessed value and qualifying exemptions. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their budgets more effectively.
Average Underwood Tax Bill
$799
Average Clark County Tax Bill
$1,927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Underwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47177 | $206 | $441 | $799 | $1,487 | $1,905 |
Source: Ownwell