Syracuse, Indiana Property Taxes
The median property tax rate in Syracuse, IN is 0.77%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $240,750 in Syracuse, the typical annual property tax bill amounts to $1,498, significantly below the national median of $2,690. Property taxes in Syracuse are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Syracuse'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 Syracuse or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Syracuse, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,854
Ownwell’s Syracuse Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Syracuse with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Syracuse 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 Syracuse, Indiana
Property taxes in Syracuse, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Syracuse is 0.77%, which is below both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Syracuse set these rates annually, and they can vary significantly across different neighborhoods. Each year, Syracuse 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 Syracuse's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in Kosciusko County is also 0.77%, while the lowest median tax rate is similarly 0.77%. Understanding how these cities compare with Syracuse 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 Syracuse Tax Rate
0.77%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Syracuse, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46567 | 0.39% | 0.47% | 0.77% | 0.82% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Syracuse, Indiana
In Syracuse, 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 Syracuse, 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 Syracuse helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,498 in the 46567 zip code, while the lowest median tax bill is also $1,498 in the same zip code.
Average Syracuse Assessed Value
$240,750
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 Syracuse, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46567 | $63,140 | $123,400 | $240,750 | $470,175 | $1,054,720 |
Source: Ownwell
Property Tax Bills Across Syracuse, Indiana
In Syracuse, located in Kosciusko County, IN, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Syracuse, the median home price is $240,750, and the property tax rate is influenced by various factors including local government budgets and public service funding needs. The tax bills can vary significantly, with the 25th percentile at $764 and the 75th percentile at $3,336. For those at the 90th percentile, tax bills can reach up to $8,179. This variability highlights the impact of property value assessments and local tax rates on homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Syracuse's property taxes reflect both the economic conditions of the area and the funding requirements of local services. Homeowners must account for these taxes in their annual budgeting to ensure they meet their financial obligations.
Average Syracuse Tax Bill
$1,498
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Syracuse, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46567 | $386 | $764 | $1,498 | $3,336 | $8,179 |
Source: Ownwell