Tennyson, Indiana Property Taxes
The median property tax rate in Tennyson, IN is 0.68%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Tennyson at $130,600, the typical annual property tax bill is around $909, significantly below the national median of $2,690. Property taxes in Tennyson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Gaining a comprehensive understanding of Tennyson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tennyson or another part of Warrick County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tennyson, 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 Tennyson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tennyson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tennyson 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 Tennyson, Indiana
Property taxes in Tennyson, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tennyson is 0.68%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Tennyson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tennyson 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 Tennyson's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47637 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Tennyson provides valuable insights into the varying tax landscape across Warrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tennyson Tax Rate
0.68%
Average Warrick County Tax Rate
0.75%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tennyson, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47637 | 0.35% | 0.51% | 0.68% | 1.16% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Tennyson, Indiana
In Tennyson, 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 Warrick County Appraisal District 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 Tennyson, 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 Tennyson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Tennyson is $909 in the 47637 zip code, which is also the lowest median tax bill in the area.
Average Tennyson Assessed Value
$130,600
Average Warrick County Assessed Value
$208,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tennyson, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47637 | $24,400 | $65,800 | $130,600 | $206,300 | $276,220 |
Source: Ownwell
Property Tax Bills Across Tennyson, Indiana
Property tax bills in Tennyson, Warrick County, IN, are determined by assessing the market value of a home and applying the local tax rate. The median home price in Tennyson is $130,600. Property taxes are calculated by multiplying the assessed value by the local tax rate, which varies across different jurisdictions. In Tennyson, the median property tax bill is $909, which is below the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the assessed value of the property, any applicable exemptions, and the specific rates set by local taxing authorities. Homeowners in Tennyson can expect their tax bills to range from $405 at the 25th percentile to $1,496 at the 75th percentile, with the top 10% paying up to $2,349. These property taxes fund essential services such as public schools, infrastructure, and emergency services. For homeowners, understanding how these factors interplay can help in planning and managing annual expenses effectively.
Average Tennyson Tax Bill
$909
Average Warrick County Tax Bill
$1,576
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Tennyson, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47637 | $210 | $405 | $909 | $1,496 | $2,349 |
Source: Ownwell