Sharpsville, Indiana Property Taxes
The median property tax rate in Sharpsville, IN is 0.88%, 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 Sharpsville at $168,350, the typical annual property tax bill is $1,579, significantly below the national median of $2,690. Property taxes in Sharpsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sharpsville'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 Sharpsville or another part of Howard County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sharpsville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,481
Ownwell’s Sharpsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharpsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharpsville 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 Sharpsville, Indiana
Property taxes in Sharpsville, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sharpsville is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Sharpsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharpsville 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 Sharpsville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46068 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Sharpsville provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sharpsville Tax Rate
0.88%
Average Howard County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sharpsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46068 | 0.51% | 0.79% | 0.88% | 0.97% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Sharpsville, Indiana
In Sharpsville, 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 Howard 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 Sharpsville, 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. For instance, the median home price is $168,350, with tax bills ranging from $1,151 at the 25th percentile to $3,136 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sharpsville Assessed Value
$168,350
Average Howard County Assessed Value
$120,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sharpsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46068 | $141,110 | $154,775 | $168,350 | $182,725 | $218,040 |
Source: Ownwell
Property Tax Bills Across Sharpsville, Indiana
In Sharpsville, located in Howard County, IN, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by local assessors who evaluate the property’s market value and apply a specific assessment ratio. Various factors, such as property size, location, and improvements, influence this assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Sharpsville, property tax bills can vary significantly. The 25th percentile tax bill is around $1,151, while those in the 75th percentile can expect to pay approximately $2,111. For the top 10% of properties, tax bills can reach up to $3,136. Comparatively, the median property tax rate in Sharpsville aligns closely with the national median rate of 0.99%. However, the actual tax amount can differ based on the assessed value and specific local rates, impacting homeowners' annual financial planning and overall housing costs.
Average Sharpsville Tax Bill
$1,579
Average Howard County Tax Bill
$1,236
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharpsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46068 | $544 | $1,151 | $1,579 | $2,111 | $3,136 |
Source: Ownwell