Gas City, Indiana Property Taxes
The median property tax rate in Gas City, IN is 0.83%, 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 Gas City at $111,350, the typical annual property tax bill is $922, well below the national median of $2,690. Property taxes in Gas City are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Gas City'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 Gas City 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
Gas City, 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 Gas City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gas City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gas City 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 Gas City, Indiana
Property taxes in Gas City, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gas City is 0.83%, which is below the U.S. national median of 0.99%. Local government entities within Gas City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gas City 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 Gas City's effective property tax rate to other areas in Grant County and the national median. For comparison, the 46933 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Gas City provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gas City Tax Rate
0.83%
Average Grant County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gas City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46933 | 0.40% | 0.60% | 0.83% | 1.31% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Gas City, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gas City, Indiana. 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 Grant 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 Gas City, 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. Gas City homeowners can see a significant range in their property tax bills, with the 25th percentile at $570 and the 75th percentile at $1,469. The zip code 46933 holds both the highest and lowest median tax bills at $922. Being aware of these valuation processes in Gas City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gas City Assessed Value
$111,350
Average Grant County Assessed Value
$99,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gas City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46933 | $51,840 | $83,525 | $111,350 | $148,175 | $205,390 |
Source: Ownwell
Property Tax Bills Across Gas City, Indiana
In Gas City, Grant County, IN, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor's office and reflects the market value of the home. For example, with a median home price of $111,350, the tax bill can vary significantly depending on the home's assessed value and applicable tax rates. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Gas City can expect tax bills to range from $570 at the 25th percentile to $2,135 at the 90th percentile. The median tax bill in the city stands at $922, which is below the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as property taxes directly impact annual housing costs. Effective property tax management can result in significant savings, making it essential for homeowners to stay informed about their local property tax policies.
Average Gas City Tax Bill
$922
Average Grant County Tax Bill
$892
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Gas City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46933 | $334 | $570 | $922 | $1,469 | $2,135 |
Source: Ownwell