Summitville, Indiana Property Taxes
The median property tax rate in Summitville, IN is 0.83%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Summitville at $108,350, the typical annual property tax bill amounts to $1,061, falling below the national median of $2,690. Property taxes in Summitville are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Summitville'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 Summitville or another part of Delaware County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summitville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$899
Ownwell’s Summitville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summitville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summitville 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 Summitville, Indiana
Property taxes in Summitville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summitville is 0.83%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Summitville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summitville 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 Summitville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46070 has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Summitville provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summitville Tax Rate
0.83%
Average Delaware County Tax Rate
0.99%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summitville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46070 | 0.53% | 0.58% | 0.83% | 1.38% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Summitville, Indiana
In Summitville, 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 local authorities 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 Summitville, 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 Summitville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Summitville's median home price stands at $108,350, with tax bills ranging from $548 at the 25th percentile to $3,141 at the 90th percentile. The zip code with the highest and lowest median tax bill is 46070, both at $1,061.
Average Summitville Assessed Value
$108,350
Average Delaware County Assessed Value
$101,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summitville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46070 | $92,930 | $99,175 | $108,350 | $217,250 | $251,770 |
Source: Ownwell
Property Tax Bills Across Summitville, Indiana
In Summitville, Delaware County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to generate the annual tax bill. For homeowners in Summitville, the median home price is $108,350, and the property tax rate is reflective of this valuation. Factors such as property size, location, and any improvements or additions to the property can influence the assessed value, thereby affecting the tax bill. In Summitville, the tax bills vary significantly, with the 25th percentile at $548 and the 75th percentile reaching $1,899. For those at the higher end, the 90th percentile tax bill can be as much as $3,141. Comparatively, the national median property tax rate is 0.99%, making Summitville's tax rates relatively moderate. Homeowners should consider these factors carefully, as property taxes contribute to local services and infrastructure, directly impacting community quality of life.
Average Summitville Tax Bill
$1,061
Average Delaware County Tax Bill
$1,073
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Summitville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46070 | $541 | $548 | $1,061 | $1,899 | $3,141 |
Source: Ownwell