Gaston, Indiana Property Taxes
The median property tax rate in Gaston, IN is 1.14%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Gaston, the typical annual property tax bill reaches $1,915, which is below the national median of $2,690. Property taxes in Gaston 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 Gaston'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 Gaston 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
Gaston, 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 Gaston Property Tax Bill Calculator empowers homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Gaston with ease. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Gaston to provide an accurate property tax bill estimate. This intuitive tool offers valuable insights into potential tax liabilities, helping you make informed financial decisions. For a deeper dive into neighborhood-level trends, scroll down to discover more localized information. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Gaston, Indiana
Property taxes in Gaston, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gaston is 1.14%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Gaston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gaston 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 Gaston's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47342 zip code has both the highest and lowest median property tax rate of 1.14%. Understanding how these cities compare with Gaston 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 Gaston Tax Rate
1.14%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gaston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47342 | 1.11% | 1.12% | 1.14% | 1.15% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Gaston, Indiana
In Gaston, 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 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 Gaston, 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 Gaston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Gaston are both $1,915, found in the 47342 zip code.
Average Gaston Assessed Value
$168,300
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 Gaston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47342 | $162,220 | $164,500 | $168,300 | $172,100 | $174,380 |
Source: Ownwell
Property Tax Bills Across Gaston, Indiana
In Gaston, Indiana, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Gaston, the median home price is $168,300, and the property tax rate in Madison County is relatively close to the national median rate of 0.99%. Factors that influence the tax bill include the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. For instance, the tax bill ranges from $1,849 at the 25th percentile to $2,021 at the 90th percentile, indicating some variability depending on the property’s assessed value and other considerations. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations. Higher assessed values or changes in local tax rates can lead to increased tax bills, affecting overall affordability and financial planning.
Average Gaston Tax Bill
$1,915
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Gaston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47342 | $1,809 | $1,849 | $1,915 | $1,981 | $2,021 |
Source: Ownwell