Wallace, Indiana Property Taxes
The median property tax rate in Wallace, IN is 1.38%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Wallace, the typical annual property tax bill reaches $272, which is significantly lower than the national median of $2,690. Property taxes in Wallace 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 Wallace'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 Wallace 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
Wallace, 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 Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, Indiana
Property taxes in Wallace, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 1.38%, significantly higher than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47988 has both the highest and lowest median property tax rate of 1.38%. Understanding how these cities compare with Wallace provides valuable insights into the varying tax landscape across Fountain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallace Tax Rate
1.38%
Average Fountain County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallace, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47988 | 1.38% | 1.38% | 1.38% | 1.38% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, Indiana
In Wallace, 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 Fountain 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 Wallace, 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 Wallace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wallace is $19,700, with the highest and lowest median tax bills both at $272 in zip code 47988.
Average Wallace Assessed Value
$19,700
Average Fountain County Assessed Value
$123,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wallace, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47988 | $19,700 | $19,700 | $19,700 | $19,700 | $19,700 |
Source: Ownwell
Property Tax Bills Across Wallace, Indiana
In Wallace, Fountain County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in Wallace is $19,700. Property tax rates vary, but the median tax bill in the area is $272, which reflects the local tax rate applied to the assessed value of homes. This tax rate is notably lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include the assessed value of the property, local tax rates, and any applicable exemptions or deductions. For homeowners, this means that while the value of their property is relatively low, the tax burden remains manageable. The consistency in tax bills, with the 25th, 75th, and 90th percentiles all at $272, indicates a stable and predictable tax environment for residents. This stability can be beneficial for financial planning and long-term property investment.
Average Wallace Tax Bill
$272
Average Fountain County Tax Bill
$966
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47988 | $272 | $272 | $272 | $272 | $272 |
Source: Ownwell