Wadesville, Indiana Property Taxes
The median property tax rate in Wadesville, 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 Wadesville at $181,950, the typical annual property tax bill amounts to $1,562, significantly below the national median of $2,690. Property taxes in Wadesville 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 Wadesville'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 Wadesville or another part of Posey County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wadesville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,547
Ownwell’s Wadesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wadesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wadesville 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 Wadesville, Indiana
Property taxes in Wadesville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wadesville is 0.85%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Wadesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wadesville 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 Wadesville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47638 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Wadesville 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 Wadesville Tax Rate
0.85%
Average Posey County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wadesville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47638 | 0.52% | 0.72% | 0.85% | 0.96% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Wadesville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wadesville, 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 Wadesville, 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. For example, the median home price in Wadesville is $181,950, with tax bills ranging from $960 at the 25th percentile to $3,455 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 47638, amounting to $1,562. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wadesville Assessed Value
$181,950
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 Wadesville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47638 | $70,900 | $135,800 | $181,950 | $259,125 | $344,860 |
Source: Ownwell
Property Tax Bills Across Wadesville, Indiana
Property tax bills in Wadesville, Posey County, IN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, the median home price in Wadesville is $181,950. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Wadesville can expect a wide range of tax bills. The 25th percentile tax bill is around $960, while the 75th percentile reaches $2,499, and the 90th percentile can go up to $3,455. These property taxes significantly impact homeowners, affecting their monthly mortgage payments and overall financial planning. Compared to the national median property tax rate of 0.99%, Wadesville’s property tax rates can vary, making it essential for homeowners to understand their specific tax obligations.
Average Wadesville Tax Bill
$1,562
Average Posey County Tax Bill
$1,290
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Wadesville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47638 | $427 | $960 | $1,562 | $2,499 | $3,455 |
Source: Ownwell