Gaston, Indiana Property Taxes
The median property tax rate in Gaston, IN is 0.63%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $194,800 in Gaston, the typical annual property tax bill amounts to $1,282, which is well below the national median of $2,690. Property taxes in Gaston are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Gaston'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 Gaston 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
Gaston, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,227
Ownwell’s Gaston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gaston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gaston 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 Gaston, Indiana
Property taxes in Gaston, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gaston is 0.63%, lower than the U.S. national median of 0.99%. Local government entities within Gaston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gaston 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 Gaston's effective property tax rate to other regions in Indiana and the national median. For comparison, the zip code 47342 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Gaston 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 Gaston Tax Rate
0.63%
Average Grant County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gaston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47342 | 0.11% | 0.37% | 0.63% | 0.88% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Gaston, Indiana
In Gaston, 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 local 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 Gaston, 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. Gaston's median home price is $194,800, with tax bills ranging from $594 at the 25th percentile to $2,862 at the 90th percentile, highlighting the importance of accurate assessments. The highest and lowest median tax bills are both $1,282 in the 47342 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gaston Assessed Value
$194,800
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 Gaston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47342 | $95,880 | $109,250 | $194,800 | $244,200 | $309,520 |
Source: Ownwell
Property Tax Bills Across Gaston, Indiana
In Gaston, located in Grant County, Indiana, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the property's market value, any improvements made, and comparable property sales in the area. Homeowners in Gaston can expect a range of property tax bills, with the 25th percentile bill at $594 and the 75th percentile bill reaching $1,524. For those in the higher brackets, the 90th percentile tax bill is $2,862. The median home price in Gaston is $194,800, which provides a benchmark for understanding these figures. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and assessments impact their financial planning. Accurate assessments and understanding local tax rates are crucial for homeowners in managing their annual property tax obligations effectively.
Average Gaston Tax Bill
$1,282
Average Grant County Tax Bill
$892
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Gaston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47342 | $121 | $594 | $1,282 | $1,524 | $2,862 |
Source: Ownwell