Gaston, Indiana Property Taxes
The median property tax rate in Gaston, Indiana, is 0.84%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Gaston at $114,600, the typical annual property tax bill is $993, which is below the national median of $2,690. Property taxes in Gaston are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Gaston'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 Gaston 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
Gaston, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$963
Ownwell’s Gaston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gaston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gaston 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 Gaston, Indiana
Property taxes in Gaston, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gaston is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Gaston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gaston 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 Gaston's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47342 zip code has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Gaston provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gaston Tax Rate
0.84%
Average Delaware County Tax Rate
0.99%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gaston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47342 | 0.42% | 0.64% | 0.84% | 1.40% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Gaston, Indiana
In Gaston, 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 Delaware 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. 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. In Gaston, the median home price is $114,600, with tax bills ranging from $535 at the 25th percentile to $2,924 at the 90th percentile. The zip code 47342 has both the highest and lowest median tax bill of $993. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gaston Assessed Value
$114,600
Average Delaware County Assessed Value
$101,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gaston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47342 | $39,990 | $70,000 | $114,600 | $185,950 | $291,670 |
Source: Ownwell
Property Tax Bills Across Gaston, Indiana
In Gaston, Delaware County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Gaston is $114,600, and the median property tax bill is $993.00, which is slightly above the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in the 25th percentile can expect to pay around $535, while those in the 75th percentile may see bills as high as $1,712. At the 90th percentile, tax bills can reach up to $2,924. These variations can significantly impact homeowners, affecting their annual budgeting and potentially influencing their decisions on property investments. Understanding these factors is crucial for homeowners to manage their financial obligations effectively.
Average Gaston Tax Bill
$993
Average Delaware County Tax Bill
$1,073
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Gaston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47342 | $292 | $535 | $993 | $1,712 | $2,924 |
Source: Ownwell