Keystone, Indiana Property Taxes
The median property tax rate in Keystone, IN is 0.49%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Keystone at $199,100, the typical annual property tax bill is $920, well below the national median of $2,690. Property taxes in Keystone are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Keystone'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 Keystone 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
Keystone, 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 Keystone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keystone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keystone 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 Keystone, Indiana
Property taxes in Keystone, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keystone is 0.49%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Keystone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keystone 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 Keystone's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46759 has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Keystone provides valuable insights into the varying tax landscape across Wells County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keystone Tax Rate
0.49%
Average Wells County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keystone, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46759 | 0.33% | 0.41% | 0.49% | 0.83% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Keystone, Indiana
In Keystone, 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 Wells 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 Keystone, 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. For instance, the median home price in Keystone is $199,100, with tax bills ranging from $569 at the 25th percentile to $2,462 at the 90th percentile. Notably, the zip code 46759 has the highest median tax bill at $920. 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 Keystone Assessed Value
$199,100
Average Wells County Assessed Value
$188,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keystone, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46759 | $61,100 | $132,350 | $199,100 | $266,550 | $365,440 |
Source: Ownwell
Property Tax Bills Across Keystone, Indiana
In Keystone, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Keystone is $199,100, and the property tax rate is applied to this assessed value to derive the tax bill. Various factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, Keystone homeowners in the 25th percentile pay around $569 annually, while those in the 75th percentile face a bill of approximately $1,579. At the 90th percentile, the tax bill can reach up to $2,462. These variations highlight how property characteristics and local tax rates can significantly impact the amount owed. Compared to the national median property tax rate of 0.99%, Keystone's rates are competitive, making it relatively affordable for homeowners. Understanding these factors helps residents anticipate their financial responsibilities and plan accordingly.
Average Keystone Tax Bill
$920
Average Wells County Tax Bill
$1,092
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Keystone, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46759 | $286 | $569 | $920 | $1,579 | $2,462 |
Source: Ownwell