Maxwell, Indiana Property Taxes
The median property tax rate in Maxwell, IN is 0.45%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $110,750 in Maxwell, the typical annual property tax bill is $538, which is well below the national median of $2,690. Property taxes in Maxwell are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Maxwell's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to notable annual savings. Whether you're in the heart of Maxwell or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Maxwell, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$498
Ownwell’s Maxwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maxwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maxwell 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 Maxwell, Indiana
Property taxes in Maxwell, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maxwell is 0.45%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Maxwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maxwell 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 Maxwell's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46154 zip code has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Maxwell provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maxwell Tax Rate
0.45%
Average Hancock County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maxwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46154 | 0.23% | 0.27% | 0.45% | 0.97% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Maxwell, Indiana
In Maxwell, 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 Hancock 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 Maxwell, 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 Maxwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Maxwell, the highest and lowest median tax bills are both $538, found in zip code 46154.
Average Maxwell Assessed Value
$110,750
Average Hancock County Assessed Value
$247,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maxwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46154 | $63,580 | $89,125 | $110,750 | $131,650 | $182,680 |
Source: Ownwell
Property Tax Bills Across Maxwell, Indiana
In Maxwell, property tax bills are calculated based on the assessed value of a property, which is determined by the Hancock County assessor. The assessed value of a home is a percentage of its market value, with local tax rates applied to this assessed value to determine the tax bill. For homeowners in Maxwell, the median home price is $110,750. Property tax bills can vary widely; the 25th percentile tax bill is $272, while the 75th percentile tax bill is $998, and the 90th percentile tax bill reaches $1,443. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Maxwell may find their property tax bills to be relatively moderate compared to the national median property tax rate of 0.99%. However, higher-valued properties or those without exemptions could face higher tax bills. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Maxwell Tax Bill
$538
Average Hancock County Tax Bill
$2,024
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Maxwell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46154 | $204 | $272 | $538 | $998 | $1,443 |
Source: Ownwell