Hymera, Indiana Property Taxes
The median property tax rate in Hymera, IN is 1.14%, which is higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Hymera, the typical annual property tax bill reaches $396, which is significantly lower than the national median of $2,690. Property taxes in Hymera 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 Hymera'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 Hymera or another part of Sullivan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hymera, 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 Hymera Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hymera with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hymera 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 Hymera, Indiana
Property taxes in Hymera, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hymera is 1.14%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Hymera set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hymera 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. For comparison, the zip code 47855 has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these figures compare with Hymera provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hymera Tax Rate
1.14%
Average Sullivan County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hymera, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47855 | 0.42% | 0.64% | 1.14% | 2.22% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Hymera, Indiana
In Hymera, 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 Sullivan County Assessor's Office 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 Hymera, 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 Hymera helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hymera is $48,550, with tax bills ranging from $219 at the 25th percentile to $1,107 at the 90th percentile. Notably, the highest and lowest median tax bills both stand at $396 in the 47855 zip code.
Average Hymera Assessed Value
$48,550
Average Sullivan County Assessed Value
$68,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hymera, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47855 | $7,470 | $16,400 | $48,550 | $66,225 | $86,990 |
Source: Ownwell
Property Tax Bills Across Hymera, Indiana
In Hymera, Sullivan County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. With a median home price of $48,550, homeowners in Hymera can expect varying tax bills. For instance, the 25th percentile tax bill is $219, while the 75th percentile reaches $704, and the 90th percentile goes up to $1,107. These tax bills are influenced by multiple factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the tax rates in Hymera are relatively modest, making homeownership more affordable. However, the variability in tax bills can significantly impact household budgets, especially for those at the higher end of the spectrum. Homeowners should be aware of these factors to better manage their financial planning and potential property tax appeals.
Average Hymera Tax Bill
$396
Average Sullivan County Tax Bill
$721
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hymera, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47855 | $120 | $219 | $396 | $704 | $1,107 |
Source: Ownwell