Hobart, Indiana Property Taxes
The median property tax rate in Hobart, IN is 0.87%, 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 Hobart at $281,750, the typical annual property tax bill reaches $2,531, slightly below the national median of $2,690. Property taxes in Hobart are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hobart'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 Hobart 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
Hobart, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$2,451
Ownwell’s Hobart Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hobart with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hobart 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 Hobart, Indiana
Property taxes in Hobart, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hobart is 0.87%, lower than the U.S. national median of 0.99%. Local government entities within Hobart set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hobart 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 Hobart's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46342 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Hobart provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hobart Tax Rate
0.87%
Average Porter County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hobart, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46342 | 0.71% | 0.78% | 0.87% | 0.97% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Hobart, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hobart. 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 local appraisal district 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. 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. For instance, the median home price in Hobart is $281,750, with property tax bills ranging from $1,827 at the 25th percentile to $4,195 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hobart Assessed Value
$281,750
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 Hobart, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46342 | $171,530 | $220,750 | $281,750 | $345,225 | $431,110 |
Source: Ownwell
Property Tax Bills Across Hobart, Indiana
In Hobart, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $281,750, homeowners can expect tax bills that range significantly. The 25th percentile tax bill is $1,827, while the 75th percentile reaches $3,173, and the 90th percentile peaks at $4,195. Several factors influence the assessed value, including the property's market value, location, and any improvements or modifications made to the home. Comparatively, the median property tax rate in Hobart is competitive, aligning closely with the national median of 0.99%. Homeowners in the zip code 46342 experience a median tax bill of $2,531, which is consistent across the board. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Hobart Tax Bill
$2,531
Average Porter County Tax Bill
$2,499
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hobart, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46342 | $1,213 | $1,827 | $2,531 | $3,173 | $4,195 |
Source: Ownwell