Boswell, Indiana Property Taxes
The median property tax rate in Boswell, IN is 0.95%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Boswell at $99,100, the typical annual property tax bill reaches $1,107, which is below the national median of $2,690. Property taxes in Boswell 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 Boswell'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 Boswell 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
Boswell, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$941
Ownwell’s Boswell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boswell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boswell 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 Benton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Boswell, Indiana
Property taxes in Boswell, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boswell is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Boswell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boswell 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 Boswell's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47921 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Boswell provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boswell Tax Rate
0.95%
Average Benton County Tax Rate
0.89%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boswell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47921 | 0.52% | 0.63% | 0.95% | 2.00% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Boswell, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Boswell, Indiana. 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 Benton County 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. Assessment notices in Boswell 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 Boswell is $99,100, with tax bills ranging from $555 at the 25th percentile to $2,420 at the 90th percentile. The zip code 47921 has the highest and lowest median tax bill of $1,107. 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 their tax burden.
Average Boswell Assessed Value
$99,100
Average Benton County Assessed Value
$140,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boswell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47921 | $40,040 | $67,100 | $99,100 | $146,950 | $226,520 |
Source: Ownwell
Property Tax Bills Across Boswell, Indiana
Property tax bills in Boswell, located in Benton County, IN, are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the market value of the property. The tax rate is then applied to this assessed value to determine the annual tax bill. In Boswell, the median home price is $99,100. Homeowners can expect to pay a tax bill ranging from $555 at the 25th percentile to $1,650 at the 75th percentile, with the 90th percentile reaching up to $2,420. These property taxes fund essential services such as public schools, infrastructure, and emergency services. For homeowners, understanding how their property tax bill is calculated helps in budgeting and financial planning. Compared to the national median property tax rate of 0.99%, Boswell's property tax rates are relatively moderate, making it an attractive location for homeowners seeking affordable living costs. The highest median tax bill in the area is $1,107, underscoring the consistency in tax assessments within the region.
Average Boswell Tax Bill
$1,107
Average Benton County Tax Bill
$1,355
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Boswell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47921 | $345 | $555 | $1,107 | $1,650 | $2,420 |
Source: Ownwell