Reynolds, Indiana Property Taxes
The median property tax rate in Reynolds, IN is 0.58%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Reynolds at $143,100, the typical annual property tax bill amounts to $854, well below the national median of $2,690. Property taxes in Reynolds are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Reynolds' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Reynolds 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
Reynolds, 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 Reynolds Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reynolds with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reynolds 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 Reynolds, Indiana
Property taxes in Reynolds, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reynolds is 0.58%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Reynolds set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reynolds 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 Reynolds' effective property tax rate to other counties in Indiana and the national median. For comparison, the 47980 zip code has the highest median property tax rate of 0.58%, while the 47980 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Reynolds provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reynolds Tax Rate
0.58%
Average White County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reynolds, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47980 | 0.35% | 0.47% | 0.58% | 0.99% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Reynolds, Indiana
In Reynolds, 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 White 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 Reynolds, 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 Reynolds helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47980 has the highest and lowest median tax bill at $854, reflecting the range of property tax experiences within the area.
Average Reynolds Assessed Value
$143,100
Average White County Assessed Value
$154,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reynolds, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47980 | $45,200 | $104,450 | $143,100 | $206,650 | $293,420 |
Source: Ownwell
Property Tax Bills Across Reynolds, Indiana
In Reynolds, located in White County, IN, property tax bills are calculated based on the assessed value of the home. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $143,100, the property tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $527 annually, while those in the 75th percentile might see a bill closer to $1,459. At the higher end, the 90th percentile tax bill reaches approximately $2,151. Factors influencing the property tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential community services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Reynolds homeowners experience a range of tax burdens depending on their property's assessed value. Understanding these factors helps homeowners anticipate their annual expenses and plan their budgets accordingly.
Average Reynolds Tax Bill
$854
Average White County Tax Bill
$1,109
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Reynolds, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47980 | $257 | $527 | $854 | $1,459 | $2,151 |
Source: Ownwell