Otterbein, Benton County, Indiana Property Taxes
The median property tax rate in Otterbein, IN is 0.94%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Otterbein being $151,000, the typical annual property tax bill is around $1,700, which is notably lower than the national median of $2,690. Property taxes in Otterbein are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Otterbein'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 Otterbein 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
Otterbein, Benton County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,419
$1,317
Ownwell’s Otterbein Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otterbein with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otterbein 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 Otterbein, Benton County, Indiana
Property taxes in Otterbein, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otterbein is 0.94%, slightly lower than the U.S. national median of 0.99%. Local government entities within Otterbein set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otterbein 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 Otterbein's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47970 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Otterbein 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 Otterbein Tax Rate
0.94%
Average Benton County Tax Rate
0.89%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otterbein, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47970 | 0.61% | 0.75% | 0.94% | 1.27% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Otterbein, Benton County, Indiana
In Otterbein, 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 Otterbein, 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 Otterbein helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 47970, both at $1700.
Property Tax Assessment Values Across Otterbein, Benton County, Indiana
Source: Ownwell
$55,400
$158,875
$262,350
Average Otterbein Assessed Value
$151,000
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 Otterbein, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47970 | $89,240 | $115,550 | $151,000 | $216,800 | $343,720 |
Source: Ownwell
Property Tax Bills Across Otterbein, Benton County, Indiana
In Otterbein, Benton County, IN, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The median home price in Otterbein is $151,000, and property taxes are applied to this assessed value to determine your tax bill. Factors such as property size, location, and condition can influence the assessed value. Homeowners here can expect to pay a property tax bill that varies significantly; the 25th percentile tax bill is $1,080, while the 75th percentile reaches $2,546, and the 90th percentile can go as high as $3,837. Comparatively, the median property tax rate in Otterbein is lower than the national median of 0.99%, making it relatively affordable for homeowners. However, the exact amount can vary based on specific local levies and exemptions available. Understanding these factors is crucial for homeowners to manage their property tax obligations effectively and take advantage of any potential savings.
Average Otterbein Tax Bill
$1,700
Average Benton County Tax Bill
$1,355
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Otterbein, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47970 | $651 | $1,080 | $1,700 | $2,546 | $3,837 |
Source: Ownwell