Goodland, Benton County, Indiana Property Taxes
The median property tax rate in Goodland, IN is 0.76%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $232,900 in Goodland, the typical annual property tax bill comes to $1,996, falling below the national median of $2,690. Property taxes in Goodland are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Goodland's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Goodland or another part of Benton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Goodland, Benton County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,770
$1,643
Ownwell’s Goodland Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Goodland. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Goodland to provide an accurate estimate of your property tax bill. This tool is essential for understanding your potential tax liabilities and planning your finances accordingly. For those interested in more detailed information, including neighborhood-level trends, additional insights are available further down the page. Remember, your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Goodland, Benton County, Indiana
Property taxes in Goodland, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodland is 0.76%, lower than the U.S. national median of 0.99%. Local government entities within Goodland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodland 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 Goodland's effective property tax rate to other regions in Indiana and the national median. For comparison, the 47948 zip code has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Goodland 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 Goodland Tax Rate
0.76%
Average Benton County Tax Rate
0.89%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodland, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47948 | 0.47% | 0.64% | 0.76% | 1.01% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Goodland, Benton County, Indiana
In Goodland, 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 Benton 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 Goodland, 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. The median home price in Benton County is $232,900, with tax bills ranging from $1,107 at the 25th percentile to $5,126 at the 90th percentile. Being aware of these valuation processes in Goodland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Goodland, Benton County, Indiana
Source: Ownwell
$55,400
$158,875
$262,350
Average Goodland Assessed Value
$232,900
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 Goodland, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47948 | $140,860 | $165,200 | $232,900 | $341,500 | $501,460 |
Source: Ownwell
Property Tax Bills Across Goodland, Benton County, Indiana
In Goodland, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Factors such as location, property size, and improvements made to the property can influence this assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Goodland, the median home price is $232,900. The tax bill can vary significantly, ranging from $1,107 at the 25th percentile to $5,126 at the 90th percentile. This variation is due to differences in property values and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Goodland’s property tax rates can be seen as relatively moderate, offering a balanced approach for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Goodland Tax Bill
$1,996
Average Benton County Tax Bill
$1,355
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodland, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47948 | $652 | $1,107 | $1,996 | $3,015 | $5,126 |
Source: Ownwell