Elwood, Indiana Property Taxes
The median property tax rate in Elwood, 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 Elwood, the typical annual property tax bill reaches $1,112, which is below the national median of $2,690. Property taxes in Elwood 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 Elwood'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 Elwood 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
Elwood, 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 Elwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elwood with ease. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Elwood to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value, determined by the county, plays a crucial role in these calculations, taking into account any applicable exemptions.
Property Tax Rates Across Elwood, Indiana
Property taxes in Elwood, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elwood is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Elwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elwood 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 Elwood's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46036 zip code has the highest median property tax rate of 0.68%, while the 46036 zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Elwood provides valuable insights into the varying tax landscape across Tipton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elwood Tax Rate
0.68%
Average Tipton County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46036 | 0.36% | 0.52% | 0.68% | 1.00% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Elwood, Indiana
In Elwood, 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 Tipton 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 Elwood, 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. The median home price in Elwood is $149,500, with tax bills ranging from $541 at the 25th percentile to $2,024 at the 75th percentile, and reaching up to $2,937 at the 90th percentile. The zip code 46036 has the highest median tax bill at $1,112, which is above the national median property tax rate of 0.99%. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Elwood Assessed Value
$149,500
Average Tipton County Assessed Value
$150,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46036 | $56,100 | $99,000 | $149,500 | $229,700 | $332,000 |
Source: Ownwell
Property Tax Bills Across Elwood, Indiana
In Elwood, property tax bills are calculated based on the assessed value of your home, which is determined by local government assessors. The assessed value is a percentage of the market value of the property. Property tax rates in Elwood are influenced by various factors, including local government budgets, school funding needs, and infrastructure projects. Homeowners in Elwood can expect property tax bills to vary significantly. For instance, the tax bill for the 25th percentile is $541, while it rises to $2,024 for the 75th percentile, and reaches $2,937 for the 90th percentile. The median home price in Elwood is $149,500, which provides a context for these figures. Comparatively, the national median property tax rate is 0.99%, and Elwood's tax rate can be seen as relatively moderate. The highest and lowest median tax bills in the neighboring Tipton County are both $1,112, indicating a narrower range of property tax burdens. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Elwood Tax Bill
$1,112
Average Tipton County Tax Bill
$1,227
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Elwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46036 | $235 | $541 | $1,112 | $2,024 | $2,937 |
Source: Ownwell