Burns Harbor, Indiana Property Taxes
The median property tax rate in Burns Harbor, IN is 1.02%, slightly above both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $169,300 in Burns Harbor, the typical annual property tax bill amounts to $1,722, which is below the national median of $2,690. Property taxes in Burns Harbor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Burns Harbor'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 Burns Harbor or another part of Porter County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Burns Harbor, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,727
Ownwell’s Burns Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burns Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burns Harbor 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 Burns Harbor, Indiana
Property taxes in Burns Harbor, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burns Harbor is 0.88%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Burns Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burns Harbor 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 Burns Harbor's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46304 zip code has the highest median property tax rate of 0.88%, while the same 46304 zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Burns Harbor provides valuable insights into the varying tax landscape across Porter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burns Harbor Tax Rate
1.02%
Average Porter County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burns Harbor, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46304 | 0.73% | 0.84% | 1.02% | 1.94% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Burns Harbor, Indiana
In Burns Harbor, 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 Porter 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 Burns Harbor, 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 Burns Harbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Burns Harbor is $169,300, with tax bills ranging from $1,264 at the 25th percentile to $3,971 at the 90th percentile. Notably, the highest and lowest median tax bills both occur in the 46304 zip code, each amounting to $1,722.
Average Burns Harbor Assessed Value
$169,300
Average Porter County Assessed Value
$260,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burns Harbor, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46304 | $64,400 | $113,650 | $169,300 | $216,500 | $254,000 |
Source: Ownwell
Property Tax Bills Across Burns Harbor, Indiana
In Burns Harbor, located in Porter County, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the market value of the property. Once the market value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $169,300, homeowners in Burns Harbor can expect their property tax bills to vary significantly. Homeowners in the 25th percentile typically pay around $1,264, while those in the 75th percentile see bills closer to $2,900. For the top 10% of property values, tax bills can reach up to $3,971. These figures highlight the variability in tax burdens depending on property values. Compared to the national median property tax rate of 0.99%, Burns Harbor's tax rates and resulting bills can provide a different financial landscape for homeowners. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax obligations.
Average Burns Harbor Tax Bill
$1,722
Average Porter County Tax Bill
$2,499
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Burns Harbor, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46304 | $497 | $1,264 | $1,722 | $2,900 | $3,971 |
Source: Ownwell