New Washington, Indiana Property Taxes
The median property tax rate in New Washington, IN is 0.77%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Washington at $119,450, the typical annual property tax bill amounts to $1,002, which is significantly below the national median of $2,690. Property taxes in New Washington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding New Washington'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 Washington or another part of Clark County, grasping the local property tax nuances will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Washington, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$920
Ownwell’s New Washington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Washington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Washington 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 New Washington, Indiana
Property taxes in New Washington, 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 Washington is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within New Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Washington 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 Washington's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47162 has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with New Washington provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Washington Tax Rate
0.77%
Average Clark County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Washington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47162 | 0.34% | 0.53% | 0.77% | 1.43% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across New Washington, Indiana
In New Washington, 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 Clark 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 Washington, 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. For example, the highest median tax bill in New Washington is $1,002 in the 47162 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Washington Assessed Value
$119,450
Average Clark County Assessed Value
$205,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Washington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47162 | $45,780 | $75,275 | $119,450 | $185,800 | $246,200 |
Source: Ownwell
Property Tax Bills Across New Washington, Indiana
In New Washington, located in Clark County, IN, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $119,450. Local tax authorities determine the assessed value, which is then multiplied by the local tax rate to calculate the property tax bill. Factors such as property size, location, and any improvements made to the home can influence the assessed value. Homeowners in New Washington can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $476, while at the 75th percentile, it rises to $1,683. At the 90th percentile, homeowners might see bills as high as $2,665. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding local rates. High property tax bills can impact homeowners by increasing the overall cost of homeownership, making budgeting and financial planning essential.
Average New Washington Tax Bill
$1,002
Average Clark County Tax Bill
$1,927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Washington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47162 | $255 | $476 | $1,002 | $1,683 | $2,665 |
Source: Ownwell