Liberty Mills, Indiana Property Taxes
The median property tax rate in Liberty Mills, IN is 0.59%, significantly lower than both the national median of 0.99% and Indiana’s state median of 0.99%. With the median home value in Liberty Mills at $49,400, the typical annual property tax bill is $273, well below the national median of $2,690. Property taxes in Liberty Mills are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Liberty Mills’ property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Liberty Mills or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Liberty Mills, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$291
Ownwell’s Liberty Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liberty Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liberty Mills 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 Liberty Mills, Indiana
Property taxes in Liberty Mills, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Liberty Mills is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Liberty Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liberty Mills 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 Liberty Mills' effective property tax rate to other counties in Indiana and the national median. For comparison, the 46946 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Liberty Mills provides valuable insights into the varying tax landscape across Wabash County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liberty Mills Tax Rate
0.59%
Average Wabash County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liberty Mills, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46946 | 0.25% | 0.31% | 0.59% | 1.28% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Liberty Mills, Indiana
In Liberty Mills, 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 Wabash 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 Liberty Mills, 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 Liberty Mills is $49,400, and the median tax bill ranges from $157 at the 25th percentile to $756 at the 90th percentile. The zip code with the highest median tax bill is 46946, at $273. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Liberty Mills Assessed Value
$49,400
Average Wabash County Assessed Value
$126,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liberty Mills, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46946 | $30,560 | $38,800 | $49,400 | $62,300 | $75,940 |
Source: Ownwell
Property Tax Bills Across Liberty Mills, Indiana
In Liberty Mills, Wabash County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in this area is $49,400. The tax rate applied to this assessed value results in the final tax bill. For instance, homeowners in the 25th percentile pay around $157, while those in the 75th percentile face bills closer to $542. The top 10% of property tax bills can reach up to $756. Several factors influence these tax bills, including the property's location, size, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Liberty Mills offers relatively lower tax bills, with the highest median tax bill recorded at just $273 in the 46946 zip code. This lower tax burden can significantly impact homeowners, making property ownership more affordable and potentially increasing the attractiveness of the area for new residents.
Average Liberty Mills Tax Bill
$273
Average Wabash County Tax Bill
$952
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Liberty Mills, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46946 | $105 | $157 | $273 | $542 | $756 |
Source: Ownwell