Otwell, Indiana Property Taxes
The median property tax rate in Otwell, IN is 0.71%, notably lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $215,900 in Otwell, the typical annual property tax bill amounts to $1,533, which is significantly below the national median of $2,690. Property taxes in Otwell are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Otwell's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Otwell or another part of Dubois County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otwell, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,533
Ownwell’s Otwell Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Otwell with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Otwell to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in exploring trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, which also takes into account any applicable exemptions.
Property Tax Rates Across Otwell, Indiana
Property taxes in Otwell, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otwell is 0.71%, which is below the U.S. national median of 0.99%. Local government entities within Otwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otwell 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 Otwell's effective property tax rate to other areas in Dubois County and the national median. For comparison, the zip code 47564 has both the highest and lowest median property tax rate of 0.71%. Understanding how these areas compare with Otwell provides valuable insights into the varying tax landscape across Dubois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otwell Tax Rate
0.71%
Average Dubois County Tax Rate
0.85%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47564 | 0.49% | 0.54% | 0.71% | 0.86% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Otwell, Indiana
In Otwell, 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 Dubois 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 Otwell, 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 Otwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Otwell, both at $1533, are found in the 47564 zip code.
Average Otwell Assessed Value
$215,900
Average Dubois County Assessed Value
$177,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47564 | $102,720 | $147,800 | $215,900 | $285,600 | $348,820 |
Source: Ownwell
Property Tax Bills Across Otwell, Indiana
In Otwell, Dubois County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value and apply a standardized assessment rate. Homeowners in Otwell can expect varying tax bills, with the 25th percentile at $930 and the 75th percentile reaching $2,272. The 90th percentile tax bill can go as high as $3,129, reflecting differences in property values and specific assessments. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For example, the highest median tax bill in Otwell is $1,533, which is notably lower than the national median property tax rate of 0.99%. These property tax bills significantly impact homeowners by affecting their annual budget and long-term financial planning. Understanding these variables can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Otwell Tax Bill
$1,533
Average Dubois County Tax Bill
$1,568
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Otwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47564 | $582 | $930 | $1,533 | $2,272 | $3,129 |
Source: Ownwell