Hope, Indiana Property Taxes
The median property tax rate in Hope, IN is 0.86%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Hope at $179,600, the typical annual property tax bill reaches $1,717, falling below the national median of $2,690. Property taxes in Hope are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hope'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 Hope 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
Hope, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,545
Ownwell’s HOPE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in HOPE with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in HOPE to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Bartholomew County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hope, Indiana
Property taxes in Hope, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 0.86%, slightly lower than the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47246 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Hope provides valuable insights into the varying tax landscape across Bartholomew County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
0.86%
Average Bartholomew County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47246 | 0.56% | 0.73% | 0.86% | 1.05% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Indiana
In Hope, 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 Bartholomew 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 Hope, 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 Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47246 has the highest and lowest median tax bill at $1,717.
Average Hope Assessed Value
$179,600
Average Bartholomew County Assessed Value
$193,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47246 | $87,300 | $116,700 | $179,600 | $264,500 | $339,700 |
Source: Ownwell
Property Tax Bills Across Hope, Indiana
In Hope, located in Bartholomew County, Indiana, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is often a percentage of the property's market value. The median home price in Hope is $179,600, which serves as a key factor in determining the tax bill. Other factors include the local tax rate and any applicable exemptions or deductions. Homeowners in Hope can expect their property tax bills to vary significantly. For instance, tax bills at the 25th percentile are around $972, while those at the 75th percentile reach approximately $2,593. At the 90th percentile, tax bills can go up to $3,525. These variations highlight how different property values and applicable exemptions can impact the final tax amount. Compared to the national median property tax rate of 0.99%, Hope's tax rates reflect the local economic conditions and funding needs for public services. This directly affects homeowners by influencing their annual expenses and potentially impacting their financial planning and property investment decisions.
Average Hope Tax Bill
$1,717
Average Bartholomew County Tax Bill
$2,070
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47246 | $564 | $972 | $1,717 | $2,593 | $3,525 |
Source: Ownwell