Westport, Indiana Property Taxes
The median property tax rate in Westport, IN is 0.71%, 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 Westport at $157,850, the typical annual property tax bill comes to $1,150, falling below the national median of $2,690. Property taxes in Westport are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Grasping Westport's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Westport 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
Westport, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,121
Ownwell’s Westport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westport 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 Westport, Indiana
Property taxes in Westport, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westport is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Westport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westport 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. For comparison, the zip code 47283 has both the highest and lowest median property tax rate of 0.71%. Understanding how these rates compare within Bartholomew County provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westport Tax Rate
0.71%
Average Bartholomew County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westport, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47283 | 0.58% | 0.62% | 0.71% | 0.85% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Westport, Indiana
In Westport, 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 Westport, 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 Westport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47283 has both the highest and lowest median tax bill at $1,150, providing a useful benchmark for residents.
Average Westport Assessed Value
$157,850
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 Westport, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47283 | $100,380 | $123,225 | $157,850 | $204,075 | $247,250 |
Source: Ownwell
Property Tax Bills Across Westport, Indiana
In Westport, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is then multiplied by the tax rate set by the county. For example, homeowners in Bartholomew County, where Westport is located, experience a range of property tax bills. The median home price in Westport is $157,850, and property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $785, while those at the 75th percentile could see bills closer to $1,586. The top 10% of homeowners face tax bills as high as $2,636. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence the assessed value and, consequently, the tax bill. Homeowners in Westport should be aware of these variables as they can significantly affect their annual property tax obligations. Comparing these figures to the national median property tax rate of 0.99%, it’s clear that local conditions can lead to substantial variations in tax bills.
Average Westport Tax Bill
$1,150
Average Bartholomew County Tax Bill
$2,070
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Westport, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47283 | $626 | $785 | $1,150 | $1,586 | $2,636 |
Source: Ownwell