Whiting, Indiana Property Taxes
The median property tax rate in Whiting, IN is 1.24%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Whiting, the typical annual property tax bill reaches $1,901, exceeding the national median of $2,690. Property taxes in Whiting are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Whiting'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 Whiting 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
Whiting, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,963
Ownwell’s Whiting Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Whiting with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whiting 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 Whiting, Indiana
Property taxes in Whiting, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whiting is 1.24%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Whiting set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whiting 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 Whiting's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46394 zip code has the highest median property tax rate of 1.24%, while the 46394 zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Whiting provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Whiting Tax Rate
1.24%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Whiting, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46394 | 0.80% | 0.94% | 1.24% | 1.30% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Whiting, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Whiting, 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 Lake 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 Whiting, 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 Whiting is $158,300, with the 25th percentile tax bill at $1,489 and the 75th percentile at $2,526. The zip code 46394 has the highest and lowest median tax bill at $1,901. Being aware of these valuation processes in Whiting helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Whiting Assessed Value
$158,300
Average Lake County Assessed Value
$187,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Whiting, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46394 | $110,660 | $131,300 | $158,300 | $189,400 | $223,900 |
Source: Ownwell
Property Tax Bills Across Whiting, Indiana
In Whiting, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For instance, with a median home price of $158,300, homeowners can expect a tax bill that varies significantly depending on the specific valuation and exemptions they qualify for. Factors influencing the tax bill include the assessed value of the property, the local tax rate, and any applicable exemptions or deductions. Homeowners in Whiting face a range of property tax bills, with the 25th percentile at $1,489 and the 75th percentile at $2,526. The 90th percentile sees tax bills as high as $3,462. The highest and lowest median tax bills in Whiting are both $1,901, reflecting a relatively uniform tax rate across the city. Compared to the national median property tax rate of 0.99%, Whiting's property taxes can vary, impacting homeowners' annual expenses and influencing their overall financial planning.
Average Whiting Tax Bill
$1,901
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Whiting, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46394 | $1,131 | $1,489 | $1,901 | $2,526 | $3,462 |
Source: Ownwell