Evansville, Indiana Property Taxes
The median property tax rate in Evansville, IN is 0.75%, lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Evansville at $196,300, the typical annual property tax bill is $1,511, which is also below the national median of $2,690. Property taxes in Evansville are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Evansville'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 Evansville 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
Evansville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,472
Ownwell’s Evansville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Evansville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Evansville 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 Evansville, Indiana
Property taxes in Evansville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Evansville is 0.75%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Evansville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Evansville 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 Evansville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47712 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Evansville provides valuable insights into the varying tax landscape across Posey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Evansville Tax Rate
0.75%
Average Posey County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Evansville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47712 | 0.47% | 0.62% | 0.75% | 0.87% | 1.43% |
| 47720 | N/A | N/A | N/A | N/A | N/A |
| 47725 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Evansville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Evansville, Indiana. 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 Posey 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 Evansville, 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 Evansville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47712 has the highest median tax bill at $1,511, which is above the national median property tax rate of 0.99%.
Average Evansville Assessed Value
$196,300
Average Posey County Assessed Value
$149,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Evansville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47712 | $86,640 | $141,600 | $196,400 | $273,200 | $356,000 |
| 47720 | N/A | N/A | N/A | N/A | N/A |
| 47725 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Evansville, Indiana
In Evansville, property tax bills are calculated based on the assessed value of a home, which is determined by the Posey County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Evansville, the median home price is $196,300, with property tax bills ranging significantly. At the 25th percentile, the tax bill is around $897, while at the 75th percentile, it climbs to approximately $2,227. For those in the 90th percentile, the tax bill can reach as high as $3,065. Factors such as property size, location, and any applicable exemptions can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Evansville homeowners experience a varied range of tax bills, with the highest median tax bill recorded at $1,511 in zip code 47712. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Evansville Tax Bill
$1,511
Average Posey County Tax Bill
$1,290
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Evansville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47712 | $411 | $897 | $1,511 | $2,227 | $3,065 |
| 47720 | N/A | N/A | N/A | N/A | N/A |
| 47725 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell