Osgood, Indiana Property Taxes
The median property tax rate in Osgood, IN is 0.68%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Osgood at $116,000, the typical annual property tax bill is $888, which is well below the national median of $2,690. Property taxes in Osgood 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 Osgood'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 Osgood 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
Osgood, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$789
Ownwell’s Osgood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osgood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osgood 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 Osgood, Indiana
Property taxes in Osgood, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osgood is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Osgood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osgood 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 Osgood's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47037 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Osgood provides valuable insights into the varying tax landscape across Ripley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Osgood Tax Rate
0.68%
Average Ripley County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osgood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47037 | 0.38% | 0.52% | 0.68% | 1.20% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Osgood, Indiana
In Osgood, 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 Ripley County 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. In Osgood, 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 example, the median home price in Osgood is $116,000, with tax bills ranging from $476 at the 25th percentile to $2,422 at the 90th percentile. The zip code 47037 has both the highest and lowest median tax bill of $888. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Osgood Assessed Value
$116,000
Average Ripley County Assessed Value
$137,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Osgood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47037 | $46,080 | $75,200 | $116,000 | $176,500 | $254,980 |
Source: Ownwell
Property Tax Bills Across Osgood, Indiana
In Osgood, located in Ripley County, IN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The process begins with the county assessor determining the market value of the property, which is then adjusted to an assessed value. This assessed value is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Osgood, the tax burden can vary significantly. The 25th percentile tax bill is around $476, while the 75th percentile reaches up to $1,510. At the 90th percentile, homeowners might pay as much as $2,422 annually. The median home price in Osgood is $116,000, which, when compared to the national median property tax rate of 0.99%, shows that local tax bills can be relatively moderate or high depending on the specific assessed value and applicable exemptions. These property taxes fund essential community services, including schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Osgood Tax Bill
$888
Average Ripley County Tax Bill
$1,170
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Osgood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47037 | $247 | $476 | $888 | $1,510 | $2,422 |
Source: Ownwell