Terre Haute, Indiana Property Taxes
The median property tax rate in Terre Haute, IN is 0.53%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Terre Haute at $151,400, the typical annual property tax bill reaches $799, significantly below the national median of $2,690. Property taxes in Terre Haute 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 Terre Haute'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 Terre Haute 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
Terre Haute, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$802
Ownwell’s Terre Haute Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terre Haute with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terre Haute 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 Terre Haute, Indiana
Property taxes in Terre Haute, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terre Haute is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Terre Haute set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terre Haute 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 Terre Haute's effective property tax rate to other areas in Clay County and the national median. For comparison, the 47805 zip code has the highest median property tax rate of 1.26%, while the 47802 zip code has the lowest median tax rate of 0.50%. Understanding how these areas compare with Terre Haute 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 Terre Haute 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 Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47802 | 0.17% | 0.46% | 0.50% | 1.07% | 1.18% |
| 47803 | 0.43% | 0.49% | 0.53% | 0.98% | 1.26% |
| 47805 | 1.26% | 1.26% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Terre Haute, Indiana
In Terre Haute, 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 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. Assessment notices in Terre Haute 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 Terre Haute is $838 in the 47802 zip code, while the lowest is $528 in the 47805 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 Terre Haute Assessed Value
$151,400
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 Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47802 | $39,000 | $45,900 | $168,700 | $270,100 | $435,380 |
| 47803 | $14,360 | $21,200 | $151,400 | $194,100 | $270,180 |
| 47805 | $42,000 | $42,000 | $42,000 | $42,000 | $42,000 |
Source: Ownwell
Property Tax Bills Across Terre Haute, Indiana
In Terre Haute, located in Clay County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Terre Haute is $151,400. Property tax rates are applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location within different zip codes. For instance, the highest median tax bill in Terre Haute is $838 in the 47802 zip code, while the lowest is $528 in the 47805 zip code. Homeowners in Terre Haute can expect their property tax bills to fall within a wide range. For example, the 25th percentile tax bill is $368, while the 75th percentile reaches $1457, and the 90th percentile can go up to $2470. These variations can significantly impact homeowners, affecting their annual budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Terre Haute's tax bills reflect local economic conditions and property values.
Average Terre Haute Tax Bill
$799
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47802 | $58 | $620 | $838 | $1,556 | $3,786 |
| 47803 | $168 | $207 | $594 | $1,030 | $1,353 |
| 47805 | $528 | $528 | $528 | $528 | $528 |
Source: Ownwell