Reelsville, Indiana Property Taxes
The median property tax rate in Reelsville, IN is 0.77%, 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 Reelsville at $99,250, the typical annual property tax bill is around $776, significantly below the national median of $2,690. Property taxes in Reelsville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Reelsville'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 Reelsville 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
Reelsville, 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 Reelsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reelsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reelsville 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 Putnam County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Reelsville, Indiana
Property taxes in Reelsville, Indiana, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Reelsville is 0.77%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Reelsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reelsville 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 Reelsville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46171 zip code has the highest median property tax rate of 0.77%, while the 46171 zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Reelsville provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reelsville Tax Rate
0.77%
Average Putnam County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reelsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46171 | 0.37% | 0.55% | 0.77% | 1.16% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Reelsville, Indiana
In Reelsville, 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 Putnam 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 Reelsville, 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 Reelsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 46171, both at $776, providing a benchmark for comparison within the area.
Average Reelsville Assessed Value
$99,250
Average Putnam County Assessed Value
$120,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reelsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46171 | $23,010 | $55,025 | $99,250 | $159,725 | $212,320 |
Source: Ownwell
Property Tax Bills Across Reelsville, Indiana
In Reelsville, located in Putnam County, IN, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. The median home price in Reelsville is $99,250. Property taxes are then derived by applying the local tax rate to this assessed value. Various factors such as property size, location, and condition influence the assessed value. Homeowners in Reelsville typically see tax bills ranging from $359 at the 25th percentile to $1,375 at the 75th percentile, with the 90th percentile reaching $2,111. The highest and lowest median tax bills in the area both stand at $776, indicating a relatively uniform tax rate across the region. Compared to the national median property tax rate of 0.99%, Reelsville's property taxes can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Reelsville Tax Bill
$776
Average Putnam County Tax Bill
$978
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Reelsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46171 | $175 | $359 | $776 | $1,375 | $2,111 |
Source: Ownwell