Shipshewana, Indiana Property Taxes
The median property tax rate in Shipshewana, IN is 1.02%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Shipshewana, the typical annual property tax bill reaches $4,858, significantly exceeding the national median of $2,690. Property taxes in Shipshewana are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Shipshewana'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 Shipshewana 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
Shipshewana, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$4,854
Ownwell’s Shipshewana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shipshewana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shipshewana 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 Shipshewana, Indiana
Property taxes in Shipshewana, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shipshewana is 1.02%, slightly higher than the U.S. national median of 0.99%. Local government entities within Shipshewana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shipshewana 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 Shipshewana's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46565 has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Shipshewana provides valuable insights into the varying tax landscape across Elkhart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shipshewana Tax Rate
1.02%
Average Elkhart County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shipshewana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46565 | 0.92% | 0.96% | 1.02% | 1.06% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Shipshewana, Indiana
In Shipshewana, 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 Elkhart 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 Shipshewana, 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. For example, the median home price in the area is $475,900, with tax bills ranging from $3,283 at the 25th percentile to $5,572 at the 90th percentile. The zip code 46565 has both the highest and lowest median tax bills at $4,858. 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 Shipshewana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shipshewana Assessed Value
$475,900
Average Elkhart County Assessed Value
$169,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shipshewana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46565 | $248,620 | $333,850 | $475,900 | $497,900 | $511,100 |
Source: Ownwell
Property Tax Bills Across Shipshewana, Indiana
In Shipshewana, located in Elkhart County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value reflects the market value of the property. The median home price in Shipshewana is $475,900. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, and subsequently, the tax bill. For homeowners in Shipshewana, property tax bills vary significantly. At the 25th percentile, tax bills are around $3,283, while those at the 75th percentile see bills closer to $5,304. The 90th percentile tax bill reaches $5,572. This variability highlights how different factors impact the final amount owed. Compared to the national median property tax rate of 0.99%, homeowners in Shipshewana may find their tax bills to be relatively high, affecting their overall cost of homeownership and financial planning.
Average Shipshewana Tax Bill
$4,858
Average Elkhart County Tax Bill
$1,809
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Shipshewana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46565 | $2,338 | $3,283 | $4,858 | $5,304 | $5,572 |
Source: Ownwell