Jamestown, Boone County, Indiana Property Taxes
The median property tax rate in Jamestown, IN is 0.64%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Jamestown, the typical annual property tax bill reaches $1,578, well below the national median of $2,690. Property taxes in Jamestown 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 Jamestown'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 Jamestown 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
Jamestown, Boone County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,458
$1,353
Ownwell’s Jamestown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jamestown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jamestown 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 Jamestown, Boone County, Indiana
Property taxes in Jamestown, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jamestown is 0.64%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Jamestown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jamestown 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 Jamestown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46147 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Jamestown provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jamestown Tax Rate
0.64%
Average Boone County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jamestown, Boone County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46147 | 0.44% | 0.55% | 0.64% | 0.79% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Jamestown, Boone County, Indiana
In Jamestown, 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 Boone 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 Jamestown, 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 Jamestown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46147, with a median tax bill of $1,578.
Property Tax Assessment Values Across Jamestown, Boone County, Indiana
Source: Ownwell
$139,650
$329,025
$518,400
Average Jamestown Assessed Value
$227,800
Average Boone County Assessed Value
$327,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jamestown, Boone County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46147 | $88,620 | $150,200 | $227,800 | $336,300 | $474,600 |
Source: Ownwell
Property Tax Bills Across Jamestown, Boone County, Indiana
In Jamestown, property tax bills are determined by the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Jamestown can expect to pay a median property tax rate of 0.99%, which aligns with the national median. For a home priced at the median value of $227,800, this would result in an annual tax bill of approximately $2,255. However, tax bills can vary significantly, with the 25th percentile at $883 and the 75th percentile at $2,380. The 90th percentile of tax bills can reach up to $3,467. These variations highlight the impact of property characteristics and local assessments on tax bills. Homeowners should be aware of these factors as they can significantly influence their annual financial obligations.
Average Jamestown Tax Bill
$1,578
Average Boone County Tax Bill
$3,263
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Jamestown, Boone County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46147 | $477 | $883 | $1,578 | $2,380 | $3,467 |
Source: Ownwell