Winona Lake, Indiana Property Taxes
The median property tax rate in Winona Lake, IN, is 0.91%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Winona Lake at $225,500, the typical annual property tax bill amounts to $2,250, which is also below the national median of $2,690. Property taxes in Winona Lake are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Winona Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you reside in the heart of Winona Lake or another part of the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Winona Lake, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$2,052
Ownwell’s Winona Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winona Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winona Lake 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 Winona Lake, Indiana
Property taxes in Winona Lake, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winona Lake is 0.91%, which is below the U.S. national median of 0.99%. Local government entities within Winona Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winona Lake 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 Winona Lake's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46590 has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Winona Lake 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 Winona Lake Tax Rate
0.91%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winona Lake, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46590 | 0.66% | 0.80% | 0.91% | 1.33% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Winona Lake, Indiana
In Winona Lake, 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 Winona Lake, 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 Winona Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $2,250, found in the 46590 zip code.
Average Winona Lake Assessed Value
$225,500
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 Winona Lake, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46590 | $113,810 | $161,150 | $225,500 | $324,350 | $480,490 |
Source: Ownwell
Property Tax Bills Across Winona Lake, Indiana
In Winona Lake, located in Kosciusko County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Winona Lake, the median home price stands at $225,500. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is $1,496, while at the 75th percentile, it rises to $3,422. For those at the 90th percentile, the tax bill can reach up to $5,023. These tax bills impact homeowners by affecting their overall housing costs. Compared to the national median property tax rate of 0.99%, Winona Lake's property taxes can vary significantly, making it essential for homeowners to understand how their tax bill is calculated and what factors can influence it.
Average Winona Lake Tax Bill
$2,250
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Winona Lake, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46590 | $841 | $1,496 | $2,250 | $3,422 | $5,023 |
Source: Ownwell