Hope, Indiana Property Taxes
The median property tax rate in Hope, Indiana is 0.63%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $107,050 in Hope, the typical annual property tax bill amounts to $797, well below the national median of $2,690. Property taxes in Hope are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Hope's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hope or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hope, 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 HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOPE 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 Hope, Indiana
Property taxes in Hope, Indiana, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 0.63%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47246 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Hope provides valuable insights into the varying tax landscape across Decatur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
0.63%
Average Decatur County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47246 | 0.40% | 0.49% | 0.63% | 1.18% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Indiana
In HOPE, 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 Decatur 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 HOPE, 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 HOPE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47246 in HOPE has the same highest and lowest median tax bill at $797, which provides an interesting point of comparison for residents.
Average Hope Assessed Value
$107,050
Average Decatur County Assessed Value
$162,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47246 | $14,630 | $54,700 | $107,050 | $245,975 | $320,200 |
Source: Ownwell
Property Tax Bills Across Hope, Indiana
In Hope, located in Decatur County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is then multiplied by the local tax rate to arrive at the tax bill. In Hope, homeowners experience a range of property tax bills depending on their home's value. For instance, the 25th percentile tax bill is approximately $404, while the 75th percentile tax bill is around $1,568. Those at the 90th percentile pay about $2,395. With a median home price of $107,050, the property tax rate in Hope is relatively lower compared to the national median property tax rate of 0.99%. This can make homeownership more affordable in Hope, as lower property taxes reduce the overall cost of owning a home. Homeowners should be aware of these tax implications, as they directly affect their annual financial planning and the long-term affordability of their property.
Average Hope Tax Bill
$797
Average Decatur County Tax Bill
$1,342
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47246 | $144 | $404 | $797 | $1,568 | $2,395 |
Source: Ownwell