Springport, Indiana Property Taxes
The median property tax rate in Springport, IN is 0.95%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Springport, the typical annual property tax bill reaches $2,745, just under the national median of $2,690. Property taxes in Springport 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 Springport'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 Springport 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
Springport, 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 Springport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springport 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 Springport, Indiana
Property taxes in Springport, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springport is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Springport set these rates annually, and they can vary across different neighborhoods. Each year, Springport 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 Springport's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47386 has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these cities compare with Springport 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 Springport Tax Rate
0.95%
Average Delaware County Tax Rate
0.99%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springport, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47386 | 0.78% | 0.92% | 0.95% | 1.03% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Springport, Indiana
In Springport, 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 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 Springport, 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. Springport's median home price is $170,900, with the 25th percentile tax bill at $1,375 and the 75th percentile at $2,859. The highest median tax bill in the area is $2,745 in zip code 47386. Being aware of these valuation processes in Springport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Springport Assessed Value
$170,900
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 Springport, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47386 | $150,760 | $151,900 | $170,900 | $265,200 | $321,960 |
Source: Ownwell
Property Tax Bills Across Springport, Indiana
In Springport, located in Delaware County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Springport, the tax bills can vary significantly. For instance, the tax bill at the 25th percentile is around $1,375, while those at the 75th percentile can reach up to $2,859. At the 90th percentile, homeowners might see tax bills as high as $3,188. Comparatively, the highest median tax bill within the same zip code is $2,745, which is above the national median property tax rate of 0.99%. These taxes directly impact homeowners by influencing their annual financial planning and the overall cost of homeownership in Springport.
Average Springport Tax Bill
$2,745
Average Delaware County Tax Bill
$1,073
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Springport, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47386 | $1,172 | $1,375 | $2,745 | $2,859 | $3,188 |
Source: Ownwell