Walkerton, Indiana Property Taxes
The median property tax rate in Walkerton, IN is 0.85%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Walkerton at $157,600, the typical annual property tax bill amounts to $1,263, falling below the national median of $2,690. Property taxes in Walkerton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Walkerton'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 Walkerton 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
Walkerton, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,340
-$14,039
Ownwell’s Walkerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walkerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walkerton 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 Walkerton, Indiana
Property taxes in Walkerton, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walkerton is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Walkerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walkerton 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 Walkerton's effective property tax rate to other counties in Indiana and the national median. For comparison, the ZIP code 46574 has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Walkerton provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walkerton Tax Rate
0.85%
Average Marshall County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walkerton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46574 | 0.48% | 0.67% | 0.85% | 1.30% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Walkerton, Indiana
In Walkerton, 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 Marshall 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 Walkerton, 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. Walkerton's median home price is $157,600, with annual tax bills ranging from $631 at the 25th percentile to $3,582 at the 90th percentile. The highest and lowest median tax bills are both $1,263 in the 46574 zip code. 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 Walkerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Walkerton Assessed Value
$157,600
Average Marshall County Assessed Value
$139,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walkerton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46574 | $36,240 | $99,350 | $157,600 | $231,200 | $310,660 |
Source: Ownwell
Property Tax Bills Across Walkerton, Indiana
Property tax bills in Walkerton, located in Marshall County, Indiana, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. In Walkerton, the median home price is $157,600, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is approximately $631, while at the 75th percentile, it reaches around $2,100. Homeowners at the 90th percentile can expect to pay up to $3,582. These figures highlight the range of property tax burdens depending on the property's assessed value and specific location within Walkerton. Compared to the national median property tax rate of 0.99%, Walkerton's rates can offer both lower and higher tax burdens, affecting homeowners differently based on their property's assessed value. This variability underscores the importance of understanding local property tax assessments and rates.
Average Walkerton Tax Bill
$1,263
Average Marshall County Tax Bill
$1,216
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Walkerton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46574 | $287 | $631 | $1,263 | $2,100 | $3,582 |
Source: Ownwell