Cayuga, Indiana Property Taxes
The median property tax rate in Cayuga, IN is 0.98%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Cayuga at $71,600, the typical annual property tax bill is $683, which is significantly lower than the national median of $2,690. Property taxes in Cayuga are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cayuga'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 Cayuga 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
Cayuga, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$702
Ownwell’s Cayuga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cayuga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cayuga 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 Cayuga, Indiana
Property taxes in Cayuga, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cayuga is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Cayuga set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cayuga 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 Cayuga's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47928 has both the highest and lowest median property tax rate at 0.98%. Understanding how these cities compare with Cayuga provides valuable insights into the varying tax landscape across Vermillion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cayuga Tax Rate
0.98%
Average Vermillion County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cayuga, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47928 | 0.38% | 0.72% | 0.98% | 1.68% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Cayuga, Indiana
In Cayuga, 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 Vermillion 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 Cayuga, 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 highest median tax bill in Cayuga is found in the 47928 zip code, amounting to $683. 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 Cayuga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cayuga Assessed Value
$71,600
Average Vermillion County Assessed Value
$78,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cayuga, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47928 | $18,130 | $46,150 | $71,600 | $105,100 | $181,620 |
Source: Ownwell
Property Tax Bills Across Cayuga, Indiana
In Cayuga, located in Vermillion County, IN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Cayuga can expect property tax bills to vary significantly, with the 25th percentile tax bill at $357 and the 75th percentile reaching $1,264. For those at the 90th percentile, tax bills can be as high as $2,302. These tax payments are influenced by multiple factors, including the home's assessed value and any applicable exemptions or deductions. The highest median tax bill in the area is recorded at $683 in the 47928 zip code. Compared to the national median property tax rate of 0.99%, Cayuga's rates can impact homeowners differently based on their property values and the specific tax rates applied. Understanding these factors is crucial for homeowners to anticipate their financial obligations accurately.
Average Cayuga Tax Bill
$683
Average Vermillion County Tax Bill
$864
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cayuga, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47928 | $148 | $357 | $683 | $1,264 | $2,302 |
Source: Ownwell