Elwood, Indiana Property Taxes
The median property tax rate in Elwood, IN is 1.03%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $68,300 in Elwood, the typical annual property tax bill amounts to $820, which is below the national median of $2,690. Property taxes in Elwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Elwood'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 Elwood 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
Elwood, 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 Elwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elwood 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 Elwood, Indiana
Property taxes in Elwood, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elwood is 1.03%, which is higher than the U.S. national median of 0.99%. Local government entities within Elwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elwood 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 Elwood's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46036 zip code in Madison County has the highest median property tax rate of 1.03%, while the same zip code also represents the lowest median tax rate of 1.03%. Understanding how these cities compare with Elwood provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elwood Tax Rate
1.03%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46036 | 0.62% | 0.98% | 1.03% | 1.98% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Elwood, Indiana
In Elwood, 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 Madison County Assessor's Office 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 Elwood, 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. The median home price in Elwood is $68,300, with tax bills ranging from $490 at the 25th percentile to $1,975 at the 90th percentile. 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 Elwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elwood Assessed Value
$68,300
Average Madison County Assessed Value
$92,550
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46036 | $19,500 | $43,500 | $68,300 | $98,400 | $152,070 |
Source: Ownwell
Property Tax Bills Across Elwood, Indiana
In Elwood, located in Madison County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in this area is $68,300. To calculate the tax bill, the assessed value is multiplied by the local tax rate, which is applied to every $100 of assessed value. Factors considered include property improvements, market conditions, and comparable property values in the area. Homeowners can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $490, while at the 75th percentile, it rises to $1,315, and at the 90th percentile, it can reach $1,975. The highest and lowest median tax bills in the area are both $820, indicating a consistent tax rate within the zip code 46036. Compared to the national median property tax rate of 0.99%, Elwood's property taxes can be relatively moderate, providing some financial relief for homeowners.
Average Elwood Tax Bill
$820
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Elwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46036 | $216 | $490 | $820 | $1,315 | $1,975 |
Source: Ownwell