Sheridan, Indiana Property Taxes
The median property tax rate in Sheridan, IN is 0.84%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Sheridan at $271,600, the typical annual property tax bill amounts to $2,488, slightly below the national median of $2,690. Property taxes in Sheridan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sheridan'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 Sheridan 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
Sheridan, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Sheridan Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Sheridan with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Sheridan to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed insights, scroll down to discover trends at a neighborhood level. Your property’s assessed value, assigned by Boone County for property tax calculations, considers any applicable exemptions.
Property Tax Rates Across Sheridan, Indiana
Property taxes in Sheridan, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheridan is 0.84%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Sheridan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheridan 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 Sheridan's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46069 has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these areas compare with Sheridan 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 Sheridan Tax Rate
0.84%
Average Boone County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheridan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46069 | 0.59% | 0.72% | 0.84% | 1.16% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Sheridan, Indiana
In Sheridan, 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's Office 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 Sheridan, 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 highest median tax bill in Sheridan is $2,488 in zip code 46069, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sheridan Assessed Value
$271,600
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 Sheridan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46069 | $124,900 | $182,900 | $271,600 | $442,100 | $687,180 |
Source: Ownwell
Property Tax Bills Across Sheridan, Indiana
In Sheridan, located in Boone County, Indiana, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the market value of the property. Homeowners in Sheridan can expect their tax bills to vary significantly depending on their property's value and location within the city. For example, the median home price in Sheridan is $271,600, which results in median tax bills ranging from $1,474 at the 25th percentile to $4,282 at the 75th percentile. For those in the 90th percentile, tax bills can reach as high as $6,896. The zip code 46069 has both the highest and lowest median tax bills, pegged at $2,488. Compared to the national median property tax rate of 0.99%, Sheridan's property tax rates reflect the local economic conditions and property values. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life for homeowners.
Average Sheridan Tax Bill
$2,488
Average Boone County Tax Bill
$3,263
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheridan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46069 | $823 | $1,474 | $2,488 | $4,282 | $6,896 |
Source: Ownwell