Covington, Indiana Property Taxes
The median property tax rate in Covington, IN is 0.99%, aligning with both the national median and the state median of 0.99%. With the median home value in Covington at $121,200, the typical annual property tax bill is $1,127, which is below the national median of $2,690. Property taxes in Covington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Covington'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 Covington 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
Covington, 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 Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, Indiana
Property taxes in Covington, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47932 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Covington 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 Covington Tax Rate
0.99%
Average Vermillion County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47932 | 0.42% | 0.72% | 0.99% | 1.47% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Indiana
In Covington, 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 Covington, 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 Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47932 has the highest median tax bill at $1,127, which is also the lowest median tax bill in the area.
Average Covington Assessed Value
$121,200
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 Covington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47932 | $35,420 | $74,600 | $121,200 | $159,400 | $215,660 |
Source: Ownwell
Property Tax Bills Across Covington, Indiana
In Covington, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by local assessors who evaluate the market value of the property. Homeowners in Covington can expect their tax bills to fall within a range, with the 25th percentile at $546 and the 75th percentile reaching $1,727. For those in the higher brackets, the 90th percentile tax bill can go up to $2,880. The local tax rate in Covington is influenced by various factors, including budgetary needs for public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Covington's rates can vary significantly depending on the specific assessed value of the property. High property tax bills can impact homeowners by increasing the overall cost of homeownership, which may affect affordability and long-term financial planning. Understanding how these taxes are calculated can help homeowners better manage their expenses and plan for future tax obligations.
Average Covington Tax Bill
$1,127
Average Vermillion County Tax Bill
$864
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47932 | $287 | $546 | $1,127 | $1,727 | $2,880 |
Source: Ownwell