Elberfeld, Indiana Property Taxes
The median property tax rate in Elberfeld, IN is 0.79%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Elberfeld at $133,700, the typical annual property tax bill amounts to $1,038, significantly below the national median of $2,690. Property taxes in Elberfeld are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Elberfeld's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve considerable annual savings. Whether you're in the heart of Elberfeld or another part of Gibson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elberfeld, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,056
Ownwell’s Elberfeld Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elberfeld with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elberfeld 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 Elberfeld, Indiana
Property taxes in Elberfeld, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elberfeld is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Elberfeld set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elberfeld 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 Elberfeld's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47613 has both the highest and the lowest median property tax rate of 0.79%. Understanding how these cities compare with Elberfeld provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elberfeld Tax Rate
0.79%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elberfeld, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47613 | 0.44% | 0.56% | 0.79% | 1.01% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Elberfeld, Indiana
In Elberfeld, 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 Gibson 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 Elberfeld, 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 Elberfeld helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Elberfeld are both recorded at $1,038 in zip code 47613, reflecting the consistency in property tax assessments within the area.
Average Elberfeld Assessed Value
$133,700
Average Gibson County Assessed Value
$136,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elberfeld, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47613 | $52,700 | $92,450 | $133,700 | $180,850 | $227,100 |
Source: Ownwell
Property Tax Bills Across Elberfeld, Indiana
In Elberfeld, located in Gibson County, IN, property tax bills are determined based on the assessed value of a home, which is influenced by various factors including the property's market value, location, and any improvements made. The median home price in Elberfeld is $133,700, and the property tax rate is applied to this assessed value to calculate the annual tax bill. For homeowners, property tax bills can vary significantly. The 25th percentile tax bill is $507, indicating that a quarter of homeowners pay less than this amount. Meanwhile, the 75th percentile tax bill is $1749, showing that another quarter pay more than this amount. At the higher end, the 90th percentile tax bill reaches $2406. The highest and lowest median tax bills in the area are both $1038, reflecting uniformity within the zip code 47613. These tax bills directly impact homeowners by influencing their annual financial planning and potentially affecting decisions related to property investment and improvements. Compared to the national median property tax rate of 0.99%, Elberfeld's property tax rates and bills offer a perspective on local and regional tax burdens.
Average Elberfeld Tax Bill
$1,038
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Elberfeld, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47613 | $268 | $507 | $1,038 | $1,749 | $2,406 |
Source: Ownwell