Templeton, Benton County, Indiana Property Taxes
The median property tax rate in Templeton, Indiana is 0.65%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Templeton at $85,100, the typical annual property tax bill amounts to $378, well below the national median of $2,690. Property taxes in Templeton are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Templeton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Templeton or another part of Benton County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Templeton, Benton County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$553
$513
Ownwell’s Templeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Templeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Templeton 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 Templeton, Benton County, Indiana
Property taxes in Templeton, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Templeton is 0.65%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Templeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Templeton 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 Templeton's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47986 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Templeton 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 Templeton Tax Rate
0.65%
Average Benton County Tax Rate
0.89%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Templeton, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47986 | 0.23% | 0.31% | 0.65% | 1.37% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Templeton, Benton County, Indiana
In Templeton, 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 Appraisal District 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 Templeton, 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 Templeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Templeton are both $378, found in the 47986 zip code.
Property Tax Assessment Values Across Templeton, Benton County, Indiana
Source: Ownwell
$55,400
$158,875
$262,350
Average Templeton Assessed Value
$85,100
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 Templeton, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47986 | $10,070 | $35,800 | $85,100 | $113,025 | $159,110 |
Source: Ownwell
Property Tax Bills Across Templeton, Benton County, Indiana
In Templeton, property tax bills are calculated based on the assessed value of a home, which is determined by the Benton County Assessor's Office. The assessed value is a percentage of the property's market value, and this value is then multiplied by the local tax rate. For instance, with a median home price of $85,100, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property location within the county, any applicable exemptions, and improvements made to the property can influence the final tax bill. For example, the 25th percentile tax bill in Templeton is around $216, while the 75th percentile tax bill is approximately $704. The highest median tax bill recorded in the area is $378, which is significantly lower than the national median property tax rate of 0.99%. These property tax bills play a crucial role in funding local services such as schools, public safety, and infrastructure, directly affecting homeowners by contributing to the community's overall quality of life.
Average Templeton Tax Bill
$378
Average Benton County Tax Bill
$1,355
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Templeton, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47986 | $105 | $216 | $378 | $704 | $1,065 |
Source: Ownwell