Washington, Indiana Property Taxes
The median property tax rate in Washington, IN is 0.86%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $121,350 in Washington, the typical annual property tax bill comes to $1,166, which is below the national median of $2,690. Property taxes in Washington 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 Washington'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 Washington 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
Washington, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,044
Ownwell’s WASHINGTON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WASHINGTON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WASHINGTON 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 Washington, Indiana
Property taxes in Washington, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Washington is 0.86%, slightly lower than the U.S. national median of 0.99%. Local government entities within Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washington 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 Washington's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47501 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Washington provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Washington Tax Rate
0.86%
Average Daviess County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47501 | 0.48% | 0.67% | 0.86% | 1.62% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Washington, Indiana
In Washington, 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 Daviess 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 Washington, 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. The median home price in Washington is $121,350, with tax bills ranging from $628 at the 25th percentile to $2,763 at the 90th percentile. The zip code 47501 has the highest and lowest median tax bill of $1,166. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Washington Assessed Value
$121,350
Average Daviess County Assessed Value
$140,350
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Washington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47501 | $42,870 | $76,000 | $121,350 | $196,925 | $288,200 |
Source: Ownwell
Property Tax Bills Across Washington, Indiana
Property tax bills in Washington, located in Daviess County, Indiana, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Washington is $121,350, which provides a baseline for understanding typical tax bills in the area. Homeowners in Washington can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $628 and the 75th percentile tax bill at $1,853. For those at the higher end, the 90th percentile tax bill reaches $2,763. The highest and lowest median tax bills in Washington are both $1,166, indicating a consistent tax rate across different areas within the city. Compared to the national median property tax rate of 0.99%, Washington's property tax rates can be considered moderate, impacting homeowners' annual expenses and overall cost of living.
Average Washington Tax Bill
$1,166
Average Daviess County Tax Bill
$1,299
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Washington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47501 | $328 | $628 | $1,166 | $1,853 | $2,763 |
Source: Ownwell