Velpen, Indiana Property Taxes
The median property tax rate in Velpen, IN is 0.83%, which is notably lower than the national median of 0.99% and matches the Indiana state median of 0.99%. With a median home value of $270,500 in Velpen, the typical annual property tax bill amounts to $2,512, which is below the national median of $2,690. Property taxes in Velpen are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Velpen'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 Velpen or another part of Dubois County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Velpen, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,245
Ownwell’s Velpen Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Velpen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Velpen 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 Dubois County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Velpen, Indiana
Property taxes in Velpen, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Velpen is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Velpen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Velpen 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 Velpen's effective property tax rate to other regions and the national median. For comparison, the zip code 47590 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these figures compare with Velpen provides valuable insights into the varying tax landscape across Dubois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Velpen Tax Rate
0.83%
Average Dubois County Tax Rate
0.85%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Velpen, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47590 | 0.68% | 0.78% | 0.83% | 1.00% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Velpen, Indiana
In Velpen, 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 Dubois 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 Velpen, 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 Velpen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47590 has both the highest and lowest median tax bill at $2,512.
Average Velpen Assessed Value
$270,500
Average Dubois County Assessed Value
$177,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Velpen, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47590 | $189,540 | $230,500 | $270,500 | $346,600 | $441,240 |
Source: Ownwell
Property Tax Bills Across Velpen, Indiana
In Velpen, Dubois County, IN, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, the median home price in Velpen is $270,500. Homeowners in the 25th percentile can expect a tax bill around $1,831, while those in the 75th percentile might see a bill closer to $3,456. At the 90th percentile, the tax bill can reach up to $4,342. Several factors influence these figures, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Velpen's rates reflect the unique economic and administrative landscape of Dubois County. Homeowners must stay informed about their property assessments and potential tax liabilities to effectively manage their finances.
Average Velpen Tax Bill
$2,512
Average Dubois County Tax Bill
$1,568
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Velpen, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47590 | $1,228 | $1,831 | $2,512 | $3,456 | $4,342 |
Source: Ownwell