Sheridan, Indiana Property Taxes
The median property tax rate in Sheridan, Indiana is 1.03%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Sheridan at $186,200, the typical annual property tax bill reaches $1,905, which is below the national median of $2,690. Property taxes in Sheridan are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Sheridan'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 Sheridan or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sheridan, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,918
Ownwell’s Sheridan Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sheridan with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Sheridan to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by Hamilton County for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Sheridan, Indiana
Property taxes in Sheridan, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheridan is 1.03%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Sheridan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheridan 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 Sheridan's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46069 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Sheridan provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sheridan Tax Rate
1.03%
Average Hamilton County Tax Rate
1.05%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheridan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46069 | 0.66% | 0.90% | 1.03% | 1.20% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Sheridan, Indiana
In Sheridan, 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 Hamilton County Assessor's Office 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 Sheridan, 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 Sheridan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Sheridan is $1905 in the 46069 zip code, which is also the lowest median tax bill in the area.
Average Sheridan Assessed Value
$186,200
Average Hamilton County Assessed Value
$355,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sheridan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46069 | $89,360 | $122,500 | $186,200 | $251,900 | $354,380 |
Source: Ownwell
Property Tax Bills Across Sheridan, Indiana
In Sheridan, property tax bills are calculated based on the assessed value of a home, which is determined by the Hamilton County Assessor's Office. The assessed value is a percentage of the market value of the property, and various factors such as property size, location, and improvements can influence this value. Homeowners in Sheridan can expect their property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $1,227, while at the 75th percentile, it rises to $2,711, and at the 90th percentile, it reaches $4,250. The median home price in Sheridan is $186,200, and the highest median tax bill recorded in the area is $1,905, which is higher than the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Sheridan residents. Understanding how these factors interplay can help homeowners better anticipate and manage their property tax obligations.
Average Sheridan Tax Bill
$1,905
Average Hamilton County Tax Bill
$3,915
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheridan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46069 | $637 | $1,227 | $1,905 | $2,711 | $4,250 |
Source: Ownwell