Galveston, Indiana Property Taxes
The median property tax rate in Galveston, Indiana is 0.92%, slightly below the national median of 0.99% and matching the Indiana state median of 0.99%. With the median home value in Galveston at $106,800, the typical annual property tax bill reaches $1,064, which is below the national median of $2,690. Property taxes in Galveston 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 Galveston'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 Galveston 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
Galveston, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$983
Ownwell’s Galveston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galveston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galveston 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 Galveston, Indiana
Property taxes in Galveston, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galveston is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Galveston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galveston 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 Galveston's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46932 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Galveston provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galveston Tax Rate
0.92%
Average Cass County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galveston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46932 | 0.51% | 0.76% | 0.92% | 1.12% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Galveston, Indiana
In Galveston, 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 local 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 Galveston, 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 Galveston 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 46932, with a median of $1064, while the same zip code also has the lowest median tax bill at $1064.
Average Galveston Assessed Value
$106,800
Average Cass County Assessed Value
$79,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galveston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46932 | $49,980 | $79,300 | $106,800 | $146,400 | $188,540 |
Source: Ownwell
Property Tax Bills Across Galveston, Indiana
In Galveston, property tax bills are calculated based on the assessed value of the property and the local tax rate set by Cass County. The assessed value is a percentage of the market value of the home, and this value is used to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Galveston pay property taxes that can range significantly. For instance, the tax bill at the 25th percentile is around $620, while at the 75th percentile, it is approximately $1,505. At the 90th percentile, it can reach up to $2,064. These values highlight the variability in tax bills due to differences in property assessments and applicable exemptions. Compared to the national median property tax rate of 0.99%, the property tax rates in Galveston can significantly impact homeowners, potentially making property taxes a considerable part of homeownership costs. Understanding these factors can help homeowners anticipate their annual property tax obligations.
Average Galveston Tax Bill
$1,064
Average Cass County Tax Bill
$871
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Galveston, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46932 | $339 | $620 | $1,064 | $1,505 | $2,064 |
Source: Ownwell