Burket, Indiana Property Taxes
The median property tax rate in Burket, IN is 0.54%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $76,200 in Burket, the typical annual property tax bill is approximately $445, well below the national median of $2,690. Property taxes in Burket are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Burket's property tax system, exploring available exemptions, and pinpointing opportunities for reductions can result in substantial annual savings. Whether you're located in the heart of Burket or elsewhere in the area, familiarizing yourself with the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Burket, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$411
Ownwell’s Burket Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Burket with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burket to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those 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 Burket, Indiana
Property taxes in Burket, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burket is 0.54%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Burket set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burket 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 Burket's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46508 has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Burket provides valuable insights into the varying tax landscape across Kosciusko County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burket Tax Rate
0.54%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burket, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46508 | 0.26% | 0.42% | 0.54% | 1.31% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Burket, Indiana
In Burket, 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 Kosciusko 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 Burket, 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. The median home price in Burket is $76,200, with tax bills ranging from $265 at the 25th percentile to $1,292 at the 90th percentile. The highest and lowest median tax bills, both at $445, are found in the 46508 zip code. Being aware of these valuation processes in Burket helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Burket Assessed Value
$76,200
Average Kosciusko County Assessed Value
$191,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burket, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46508 | $29,700 | $58,600 | $76,200 | $92,600 | $123,400 |
Source: Ownwell
Property Tax Bills Across Burket, Indiana
In Burket, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Burket, the median home price is $76,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $265 and the 75th percentile reaching $725. At the 90th percentile, homeowners might see tax bills as high as $1,292. These tax bills are influenced by several factors, including the assessed value of the property, local tax rates, and any applicable exemptions. For instance, Kosciusko County, where Burket is located, has a median tax bill of $445, which is notably lower than the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Burket, attracting potential buyers and providing some financial relief to current residents.
Average Burket Tax Bill
$445
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Burket, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46508 | $112 | $265 | $445 | $725 | $1,292 |
Source: Ownwell