Reo, Indiana Property Taxes
The median property tax rate in REO, IN is 1.23%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in REO at $20,300, the typical annual property tax bill reaches $251, which is lower than the national median of $2,690. Property taxes in REO are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding REO'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 REO 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
Reo, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$250
Ownwell’s REO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in REO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in REO 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 Reo, Indiana
Property taxes in REO, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in REO is 1.23%, significantly higher than the U.S. national median of 0.99%. Local government entities within REO set these rates annually, and they can vary significantly across different neighborhoods. Each year, REO 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 REO's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47635 zip code has the highest median property tax rate of 1.23%, while the 47635 zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with REO provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reo Tax Rate
1.23%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47635 | 1.19% | 1.21% | 1.23% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Reo, Indiana
In REO, 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 Spencer 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 REO, 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 REO is $20,300, with tax bills ranging from $115 at the 25th percentile to $325 at the 90th percentile. The highest and lowest median tax bills are both $251 in the 47635 zip code. 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 REO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Reo Assessed Value
$20,300
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47635 | $6,760 | $9,700 | $20,300 | $24,000 | $26,460 |
Source: Ownwell
Property Tax Bills Across Reo, Indiana
In REO, Spencer County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office, which evaluates the property's market value and then applies an assessment ratio. Homeowners in REO typically experience tax bills ranging from $115 at the 25th percentile to $325 at the 90th percentile, with a median tax bill of $251. This is significantly lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For instance, exemptions for primary residences or senior citizens can reduce the overall tax burden. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors can help homeowners anticipate their tax obligations and budget accordingly.
Average Reo Tax Bill
$251
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Reo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47635 | $81 | $115 | $251 | $294 | $325 |
Source: Ownwell