Dayton, Indiana Property Taxes
The median property tax rate in Dayton, IN is 0.76%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $140,200 in Dayton, the typical annual property tax bill amounts to $1,171, which is significantly less than the national median of $2,690. Property taxes in Dayton are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Dayton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Dayton or another part of Tippecanoe County, being knowledgeable about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dayton, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,066
Ownwell’s Dayton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dayton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dayton 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 Dayton, Indiana
Property taxes in Dayton, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dayton is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Dayton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dayton 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 Dayton's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47941 zip code has both the highest and lowest median property tax rate of 0.76%, which is the same as Dayton's rate. Understanding how these areas compare with Dayton provides valuable insights into the varying tax landscape across Tippecanoe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dayton Tax Rate
0.76%
Average Tippecanoe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dayton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47941 | 0.51% | 0.65% | 0.76% | 0.85% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Dayton, Indiana
In Dayton, 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 Tippecanoe 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 Dayton, 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. The zip code with the highest median tax bill in Dayton is 47941, with a median tax bill of $1,171. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dayton Assessed Value
$140,200
Average Tippecanoe County Assessed Value
$169,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dayton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47941 | $86,900 | $105,750 | $140,200 | $159,225 | $171,900 |
Source: Ownwell
Property Tax Bills Across Dayton, Indiana
In Dayton, Tippecanoe County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to generate the annual tax bill. For homeowners in Dayton, the median home price is $140,200. The tax rates and assessments can vary, resulting in different tax bills across the city. For instance, the 25th percentile tax bill is around $764, while the 75th percentile reaches $1,426. The 90th percentile tax bill can soar to $2,266, highlighting the variability based on property value and location within the city. Compared to the national median property tax rate of 0.99%, Dayton’s property tax bills reflect the local economic conditions and municipal funding needs. Homeowners must consider these factors when budgeting for annual expenses. The highest median tax bill in the region is $1,171, found in the 47941 zip code, indicating some areas may have higher taxes due to property values or specific local levies.
Average Dayton Tax Bill
$1,171
Average Tippecanoe County Tax Bill
$1,655
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Dayton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47941 | $468 | $764 | $1,171 | $1,426 | $2,266 |
Source: Ownwell