Centerpoint, Indiana Property Taxes
The median property tax rate in Centerpoint, IN is 0.53%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Centerpoint, the typical annual property tax bill reaches $350, far below the national median of $2,690. Property taxes in Centerpoint 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 Centerpoint'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 Centerpoint 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
Centerpoint, 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 CENTERPOINT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CENTERPOINT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CENTERPOINT 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 Centerpoint, Indiana
Property taxes in Centerpoint, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Centerpoint is 0.87%, which is higher than both the Indiana state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Centerpoint set these rates annually, and they can vary significantly across different neighborhoods. Each year, Centerpoint 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 Centerpoint's effective property tax rate to other counties in Indiana and the national median. For comparison, 47840 has the highest median property tax rate of 0.87%, while 47840 also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Centerpoint provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Centerpoint Tax Rate
0.53%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Centerpoint, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47840 | 0.22% | 0.32% | 0.53% | 0.87% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Centerpoint, Indiana
In Centerpoint, 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 Clay 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 Centerpoint, 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 instance, the highest median tax bill in Centerpoint is $350.00 in zip code 47840, while the lowest median tax bill is also $350.00 in the same 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 Centerpoint Assessed Value
$81,800
Average Clay County Assessed Value
$81,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Centerpoint, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47840 | $5,900 | $23,800 | $81,800 | $131,500 | $198,360 |
Source: Ownwell
Property Tax Bills Across Centerpoint, Indiana
In Centerpoint, located in Clay County, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Centerpoint is $81,800. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property location, home improvements, and exemptions can influence the assessed value and, consequently, the tax bill. For homeowners in Centerpoint, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $140, while the 75th percentile tax bill is $724, and the 90th percentile tax bill can go up to $1,273. These variations highlight the impact of property assessments and local tax rates on the overall tax burden. Compared to the national median property tax rate of 0.99%, Centerpoint's property tax bills reflect the local economic conditions and property values, affecting how much homeowners need to budget annually for their property taxes.
Average Centerpoint Tax Bill
$350
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Centerpoint, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47840 | $57 | $140 | $350 | $724 | $1,273 |
Source: Ownwell