Dana, Indiana Property Taxes
The median property tax rate in Dana, IN is 1.05%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Dana at $78,900, the typical annual property tax bill reaches $936, which is below the national median of $2,690. Property taxes in Dana are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dana'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 Dana or another part of Vermillion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dana, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$828
Ownwell’s Dana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dana 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 Dana, Indiana
Property taxes in Dana, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dana is 1.05%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Dana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dana 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 Dana's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47847 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Dana 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 Dana Tax Rate
1.05%
Average Vermillion County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47847 | 0.52% | 0.79% | 1.05% | 1.92% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Dana, Indiana
In Dana, 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 Dana, 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. For instance, the highest and lowest median tax bills in Dana are both $936, found in zip code 47847. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dana Assessed Value
$78,900
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 Dana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47847 | $25,310 | $54,175 | $78,900 | $144,800 | $210,780 |
Source: Ownwell
Property Tax Bills Across Dana, Indiana
In Dana, Vermillion County, IN, property tax bills are calculated based on the assessed value of a home. The median home price in Dana is $78,900, and property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Dana can expect a wide range of tax bills. At the 25th percentile, the tax bill is around $463, while at the 75th percentile, it rises to approximately $1,723, and at the 90th percentile, it can reach up to $2,874. The national median property tax rate is 0.99%, and Dana’s property tax rates can vary within this spectrum. The highest median tax bill in the area is $936, found in the 47847 zip code. These taxes fund essential local services, including schools and infrastructure, directly affecting the quality of life for homeowners. Understanding these factors helps residents manage their financial expectations and plan accordingly.
Average Dana Tax Bill
$936
Average Vermillion County Tax Bill
$864
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Dana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47847 | $230 | $463 | $936 | $1,723 | $2,874 |
Source: Ownwell