Hagerstown, Indiana Property Taxes
The median property tax rate in Hagerstown, IN is 1.02%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Hagerstown, the typical annual property tax bill reaches $1,244, surpassing the national median of $2,690. Property taxes in Hagerstown 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 Hagerstown'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 Hagerstown 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
Hagerstown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,150
Ownwell’s Hagerstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hagerstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hagerstown 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 Hagerstown, Indiana
Property taxes in Hagerstown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hagerstown is 0.85%, lower than both the Indiana state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Hagerstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hagerstown 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 Hagerstown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47346 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Hagerstown provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hagerstown Tax Rate
1.02%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hagerstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47346 | 0.62% | 0.91% | 1.02% | 1.48% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Hagerstown, Indiana
In Hagerstown, 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 Wayne 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 Hagerstown, 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 Hagerstown is $112,700, with tax bills ranging from $833 at the 25th percentile to $2,992 at the 90th percentile. The zip code 47346 has the highest and lowest median tax bill at $1,244. 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 Hagerstown Assessed Value
$112,700
Average Wayne County Assessed Value
$92,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hagerstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47346 | $61,820 | $84,100 | $112,700 | $156,100 | $214,780 |
Source: Ownwell
Property Tax Bills Across Hagerstown, Indiana
In Hagerstown, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Wayne County experience a range of property tax bills depending on various factors, including property size, location, and improvements made to the home. For instance, the median home price in Hagerstown is $112,700. Property tax bills in this area can vary significantly, with the 25th percentile tax bill around $833 and the 75th percentile reaching up to $1,981. At the higher end, the 90th percentile tax bill can go up to $2,992. The property tax rate in Hagerstown is influenced by local government budgets and the need to fund public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Hagerstown's tax bills reflect a balance between providing necessary community services and maintaining affordability for homeowners. This system ensures that property taxes are distributed fairly based on property values and local economic conditions.
Average Hagerstown Tax Bill
$1,244
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hagerstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47346 | $483 | $833 | $1,244 | $1,981 | $2,992 |
Source: Ownwell