Sheridan, Indiana Property Taxes
The median property tax rate in Sheridan, Indiana is 0.81%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Sheridan, the typical annual property tax bill reaches $1,305, falling below the national median of $2,690. Property taxes in Sheridan 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 Sheridan'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 Sheridan 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
Sheridan, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,261
Ownwell’s Sheridan Property Tax Bill Calculator provides homeowners, real estate investors, and potential buyers with a quick and easy way to estimate their annual property taxes in Sheridan. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Sheridan to give you an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Sheridan, Indiana
Property taxes in Sheridan, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheridan is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Sheridan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheridan 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 Sheridan's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46069 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these figures compare with Sheridan provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sheridan Tax Rate
0.81%
Average Clinton County Tax Rate
0.93%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheridan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46069 | 0.32% | 0.51% | 0.81% | 1.14% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Sheridan, Indiana
In Sheridan, 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 Clinton 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 Sheridan, 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 Sheridan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sheridan is $155,700, with the highest and lowest median tax bills both being $1,305 in the 46069 zip code.
Average Sheridan Assessed Value
$155,700
Average Clinton County Assessed Value
$124,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sheridan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46069 | $86,000 | $112,500 | $155,700 | $228,000 | $322,160 |
Source: Ownwell
Property Tax Bills Across Sheridan, Indiana
Property tax bills in Sheridan, located in Clinton County, Indiana, are calculated based on the assessed value of a property, which reflects its market value. Homeowners in this area can expect their tax bills to be influenced by several factors, including the local tax rate and any applicable exemptions. For instance, the median home price in Sheridan is $155,700, and property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $525, while those at the 75th percentile could see bills as high as $2,693. For the top 10% of properties, tax bills can reach up to $3,409. The highest and lowest median tax bills in Sheridan both stand at $1,305, reflecting the zip code 46069. Comparatively, the national median property tax rate is 0.99%, making Sheridan's property tax landscape relatively moderate. These property tax bills directly impact homeowners by influencing their monthly mortgage payments and overall cost of homeownership.
Average Sheridan Tax Bill
$1,305
Average Clinton County Tax Bill
$1,235
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheridan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46069 | $306 | $525 | $1,305 | $2,693 | $3,409 |
Source: Ownwell