West Terre Haute, Indiana Property Taxes
The median property tax rate in West Terre Haute, IN is 1.11%, higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in West Terre Haute at $92,600, the typical annual property tax bill reaches $1,008, which is below the national median of $2,690. Property taxes in West Terre Haute 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 West Terre Haute'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 West Terre Haute 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
West Terre Haute, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,028
-$10,772
Ownwell’s West Terre Haute Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Terre Haute with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Terre Haute 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 West Terre Haute, Indiana
Property taxes in West Terre Haute, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in West Terre Haute is 1.11%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within West Terre Haute set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Terre Haute 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 West Terre Haute's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47885 zip code has the highest median property tax rate of 1.11%, while the 47885 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with West Terre Haute provides valuable insights into the varying tax landscape across Vigo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average West Terre Haute Tax Rate
1.11%
Average Vigo County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47885 | 0.56% | 0.88% | 1.11% | 2.02% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across West Terre Haute, Indiana
In West Terre Haute, 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 Vigo County Assessor’s Office 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 West Terre Haute, 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 median home price in West Terre Haute is $92,600, with tax bills ranging from $540 at the 25th percentile to $2,771 at the 90th percentile. The zip code 47885 has the highest median tax bill at $1,008. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across West Terre Haute, Indiana
Source: Ownwell
$60,300
$162,200
$264,100
Average West Terre Haute Assessed Value
$92,600
Average Vigo County Assessed Value
$100,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across West Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47885 | $25,820 | $52,250 | $92,600 | $151,850 | $221,700 |
Source: Ownwell
Property Tax Bills Across West Terre Haute, Indiana
In West Terre Haute, property tax bills are calculated based on the assessed value of the property, which is determined by the Vigo County Assessor. The tax bill is influenced by various factors, including the property's market value, local tax rates, and any applicable exemptions or deductions. The median home price in West Terre Haute is $92,600, and the tax bill can range significantly depending on the property's assessed value and location within the city. For example, the 25th percentile tax bill is around $540, while the 75th percentile tax bill can reach up to $1,868. At the 90th percentile, homeowners might see tax bills as high as $2,771. The highest median tax bill in the area is $1,008, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes directly impact homeowners by influencing their overall housing costs and potentially affecting their financial planning and property investment decisions.
Average West Terre Haute Tax Bill
$1,008
Average Vigo County Tax Bill
$1,148
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across West Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47885 | $275 | $540 | $1,008 | $1,868 | $2,771 |
Source: Ownwell