Syracuse, Indiana Property Taxes
The median property tax rate in Syracuse, IN is 0.85%, which is slightly lower than the national median of 0.99% and matches the Indiana state median. With the median home value in Syracuse at $221,700, the typical annual property tax bill amounts to $1,968, below the national median of $2,690. Property taxes in Syracuse are determined based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Syracuse's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're situated in the heart of Syracuse or another part of Elkhart County, a deep knowledge of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Syracuse, 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 Syracuse Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Syracuse with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Syracuse 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 Elkhart County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Syracuse, Indiana
Property taxes in Syracuse, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Syracuse is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Syracuse set these rates annually, and they can vary significantly across different neighborhoods. Each year, Syracuse 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 Syracuse's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46567 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Syracuse 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 Syracuse Tax Rate
0.85%
Average Elkhart County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Syracuse, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46567 | 0.62% | 0.73% | 0.85% | 0.93% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Syracuse, Indiana
In Syracuse, 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 Appraisal District 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 Syracuse, 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. The median home price in Syracuse is $221,700, with tax bills ranging from $1,197 at the 25th percentile to $2,983 at the 75th percentile, and up to $3,994 at the 90th percentile. The zip code 46567 has the highest and lowest median tax bill, both at $1,968. Being aware of these valuation processes in Syracuse helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Syracuse Assessed Value
$221,700
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 Syracuse, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46567 | $103,100 | $151,100 | $221,700 | $332,800 | $431,300 |
Source: Ownwell
Property Tax Bills Across Syracuse, Indiana
In Syracuse, located in Elkhart County, Indiana, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as the property's size, age, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. The median home price in Syracuse is $221,700, and homeowners can expect tax bills to vary significantly. For instance, tax bills in the 25th percentile are around $1,197, while those in the 75th percentile reach up to $2,983. At the 90th percentile, tax bills can be as high as $3,994. These figures highlight the range of property tax burdens that homeowners may face, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Syracuse's property tax bills reflect the local economic conditions and municipal funding requirements.
Average Syracuse Tax Bill
$1,968
Average Elkhart County Tax Bill
$1,809
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Syracuse, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46567 | $754 | $1,197 | $1,968 | $2,983 | $3,994 |
Source: Ownwell