Guilford, Indiana Property Taxes
The median property tax rate in Guilford, Indiana, is 0.99%, aligning with both the national median of 0.99% and the Indiana state median. With a median home value of $205,700 in Guilford, the typical annual property tax bill is around $2,160, which is slightly below the national median of $2,690. Property taxes in Guilford 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 Guilford'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 Guilford 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
Guilford, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,036
Ownwell’s Guilford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Guilford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Guilford 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 Guilford, Indiana
Property taxes in Guilford, Indiana, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Guilford is 0.99%, aligning with both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Guilford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Guilford 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 Guilford's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47022 zip code has the highest median property tax rate of 0.99%, while the same zip code also has the lowest median tax rate of 0.99%. Understanding how these cities compare with Guilford provides valuable insights into the varying tax landscape across Dearborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Guilford Tax Rate
0.99%
Average Dearborn County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Guilford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47022 | 0.75% | 0.88% | 0.99% | 1.13% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Guilford, Indiana
In Guilford, 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 Dearborn 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 Guilford, 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 Guilford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47022 in Guilford has the highest and lowest median tax bill, both at $2,160.
Average Guilford Assessed Value
$205,700
Average Dearborn County Assessed Value
$174,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Guilford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47022 | $88,820 | $142,900 | $205,700 | $275,200 | $338,600 |
Source: Ownwell
Property Tax Bills Across Guilford, Indiana
In Guilford, Dearborn County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $205,700 in Guilford, homeowners can expect varying tax bills based on their property's value and the applicable tax rate. Factors such as property size, location, and improvements can influence the assessed value. The tax bill can significantly impact homeowners' finances, with the 25th percentile tax bill at $1,340 and the 75th percentile reaching $2,947. The highest median tax bill in the area is $2,160, which is relatively moderate compared to the national median property tax rate of 0.99%. Understanding how these elements interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Guilford Tax Bill
$2,160
Average Dearborn County Tax Bill
$1,720
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Guilford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47022 | $748 | $1,340 | $2,160 | $2,947 | $3,880 |
Source: Ownwell