New Waverly, Indiana Property Taxes
The median property tax rate in New Waverly, Indiana is 1.96%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Waverly, the typical annual property tax bill reaches $453, which is significantly lower than the national median of $2,690. Property taxes in New Waverly 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 New Waverly'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 New Waverly 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
New Waverly, 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 New Waverly Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential property owners. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in New Waverly to provide an accurate estimate of your annual property tax bill. This valuable tool helps you anticipate potential tax liabilities and plan your finances accordingly. For those interested in a deeper dive into neighborhood trends, additional localized information is available. Your property’s assessed value, determined by the county, forms the basis for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across New Waverly, Indiana
Property taxes in New Waverly, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Waverly is 1.96%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Waverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Waverly 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 New Waverly's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46961 zip code has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these areas compare with New Waverly 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 New Waverly Tax Rate
1.96%
Average Cass County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Waverly, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46961 | 0.51% | 0.60% | 1.96% | 2.01% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across New Waverly, Indiana
In New Waverly, 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 Cass 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 New Waverly, 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 New Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $453 in the 46961 zip code, which is also the lowest median tax bill, highlighting the uniformity in tax assessments within the region.
Average New Waverly Assessed Value
$50,300
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 New Waverly, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46961 | $9,840 | $32,975 | $50,300 | $65,725 | $85,300 |
Source: Ownwell
Property Tax Bills Across New Waverly, Indiana
In New Waverly, Cass County, Indiana, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $50,300 in New Waverly, homeowners can expect varying tax bills depending on their property's specific assessed value. The 25th percentile tax bill is around $249, while the 75th percentile tax bill reaches $845, and the 90th percentile tax bill can be as high as $1,211. These property tax bills are influenced by several factors, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, New Waverly's tax rates can significantly impact homeowners' annual expenses. Understanding these factors is crucial for homeowners as it directly affects their financial planning and long-term investment in their property.
Average New Waverly Tax Bill
$453
Average Cass County Tax Bill
$871
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Waverly, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46961 | $168 | $249 | $453 | $845 | $1,211 |
Source: Ownwell