Waveland, Indiana Property Taxes
The median property tax rate in Waveland, IN is 0.49%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Waveland at $207,900, the typical annual property tax bill is $1,028, which is well below the national median of $2,690. Property taxes in Waveland 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 Waveland's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Waveland 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
Waveland, 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 Waveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waveland 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 Waveland, Indiana
Property taxes in Waveland, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waveland is 0.49%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Waveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waveland 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 Waveland's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47989 zip code has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Waveland provides valuable insights into the varying tax landscape across Parke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waveland Tax Rate
0.49%
Average Parke County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waveland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47989 | 0.27% | 0.38% | 0.49% | 0.92% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Waveland, Indiana
In Waveland, 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 Parke 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 Waveland, 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 Waveland is $207,900. Tax bills vary, with the 25th percentile at $571 and the 75th percentile at $1,697. The highest and lowest median tax bill in the area is $1,028, both found in the 47989 zip code. Being aware of these valuation processes in Waveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waveland Assessed Value
$207,900
Average Parke County Assessed Value
$117,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waveland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47989 | $81,300 | $121,900 | $207,900 | $318,050 | $469,500 |
Source: Ownwell
Property Tax Bills Across Waveland, Indiana
In Waveland, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Waveland is $207,900, and the property tax rate in the area affects how much homeowners pay annually. Several factors contribute to the final tax bill, including the property's assessed value, applicable exemptions, and the local tax rate. Tax bills in Waveland vary significantly, with the 25th percentile at $571 and the 75th percentile at $1,697. For those at the higher end of the spectrum, the 90th percentile tax bill reaches up to $3,514. Comparatively, the highest and lowest median tax bills in the region are both $1,028, found in the 47989 zip code. This variation in tax bills can impact homeowners' financial planning, making it crucial for them to understand how their tax obligations are calculated and how they can potentially reduce their tax burden through available exemptions.
Average Waveland Tax Bill
$1,028
Average Parke County Tax Bill
$683
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Waveland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47989 | $249 | $571 | $1,028 | $1,697 | $3,514 |
Source: Ownwell