Garrett, Indiana Property Taxes
The median property tax rate in Garrett, IN is 0.77%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Garrett at $135,250, the typical annual property tax bill is approximately $1,083, well below the national median of $2,690. Property taxes in Garrett 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 Garrett'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 Garrett or another part of DeKalb County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Garrett, 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 Garrett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garrett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garrett 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 Garrett, Indiana
Property taxes in Garrett, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garrett is 0.77%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Garrett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garrett 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 Garrett's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46738 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Garrett provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garrett Tax Rate
0.77%
Average Dekalb County Tax Rate
0.70%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garrett, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46738 | 0.37% | 0.58% | 0.77% | 0.97% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Garrett, Indiana
In Garrett, 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 DeKalb 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 Garrett, 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 Garrett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Garrett is $135,250, with tax bills ranging from $602 at the 25th percentile to $2,681 at the 90th percentile. The zip code 46738 has the highest and lowest median tax bill of $1,083.
Average Garrett Assessed Value
$135,250
Average Dekalb County Assessed Value
$174,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garrett, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46738 | $59,700 | $98,600 | $135,250 | $201,975 | $298,050 |
Source: Ownwell
Property Tax Bills Across Garrett, Indiana
Property tax bills in Garrett, located in DeKalb County, IN, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. In Garrett, the tax rate can vary, leading to differing tax bills across the city. For instance, the median home price in Garrett is $135,250. Homeowners in the 25th percentile of tax bills pay around $602 annually, while those in the 75th percentile pay approximately $1,780. At the higher end, the 90th percentile tax bill reaches $2,681. The highest and lowest median tax bills in Garrett are both $1,083, indicating a relatively consistent tax rate across the city. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life for homeowners. Understanding how these taxes are calculated can help residents better plan their finances and anticipate annual expenses.
Average Garrett Tax Bill
$1,083
Average Dekalb County Tax Bill
$1,248
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Garrett, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46738 | $266 | $602 | $1,083 | $1,780 | $2,681 |
Source: Ownwell