Geneva, Indiana Property Taxes
The median property tax rate in Geneva, IN is 0.97%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $158,900 in Geneva, the typical annual property tax bill reaches $1,496, which is below the national median of $2,690. Property taxes in Geneva are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Geneva'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 Geneva 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
Geneva, 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 Geneva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneva 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 Geneva, Indiana
Property taxes in Geneva, Indiana, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Geneva is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Geneva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneva 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 Geneva's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46740 has the highest median property tax rate of 0.97%, while the same zip code, 46740, also has the lowest median tax rate of 0.97%. Understanding how these areas compare with Geneva provides valuable insights into the varying tax landscape across Jay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneva Tax Rate
0.97%
Average Jay County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneva, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46740 | 0.45% | 0.59% | 0.97% | 1.10% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Geneva, Indiana
Understanding the distinction between "market value" and "assessed value" is crucial for comprehending property taxes in Geneva, 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 local appraisal district 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 Geneva, 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 Geneva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1496, found in the 46740 zip code.
Average Geneva Assessed Value
$158,900
Average Jay County Assessed Value
$86,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geneva, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46740 | $121,800 | $134,950 | $158,900 | $188,550 | $198,000 |
Source: Ownwell
Property Tax Bills Across Geneva, Indiana
In Geneva, located in Jay County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This value is then multiplied by the local tax rate to arrive at the annual tax bill. For Geneva, the median home price is $158,900. Homeowners in the 25th percentile can expect a tax bill around $1,021, while those in the 75th percentile might see bills closer to $1,561. The highest median tax bill recorded in the area is $1,496, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations. These property taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services. For homeowners, understanding how their tax bill is determined can help in planning and budgeting, ensuring they are prepared for these annual expenses.
Average Geneva Tax Bill
$1,496
Average Jay County Tax Bill
$724
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneva, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46740 | $827 | $1,021 | $1,496 | $1,561 | $1,654 |
Source: Ownwell