Tippecanoe, Indiana Property Taxes
The median property tax rate in Tippecanoe, IN is 0.53%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Tippecanoe at $67,700, the typical annual property tax bill reaches $431, well below the national median of $2,690. Property taxes in Tippecanoe are calculated based on the tax assessed value, which often falls below the market value thanks to various exemptions, such as those for primary residences and agricultural properties. Understanding Tippecanoe's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tippecanoe 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
Tippecanoe, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$359
Ownwell’s Tippecanoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tippecanoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tippecanoe 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 Tippecanoe, Indiana
Property taxes in Tippecanoe, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tippecanoe is 0.85%, slightly lower than the Indiana state median of 0.89% but still below the U.S. national median of 0.99%. Local government entities within Tippecanoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tippecanoe 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 Tippecanoe's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47906 zip code has the highest median property tax rate of 0.85%, while the 47904 zip code has the lowest median tax rate of 0.85%. Understanding how these cities compare with Tippecanoe provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tippecanoe Tax Rate
0.53%
Average Fulton County Tax Rate
0.68%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tippecanoe, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46570 | 0.29% | 0.35% | 0.53% | 0.88% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Tippecanoe, Indiana
In Tippecanoe, 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 local 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 Tippecanoe, 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 Tippecanoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tippecanoe Assessed Value
$67,700
Average Fulton County Assessed Value
$110,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tippecanoe, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46570 | $22,480 | $30,800 | $67,700 | $132,700 | $193,380 |
Source: Ownwell
Property Tax Bills Across Tippecanoe, Indiana
In Tippecanoe, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value, which in Tippecanoe, has a median home price of $67,700. Various factors can influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners, property taxes can vary significantly. The 25th percentile tax bill in Tippecanoe is $221, while the 75th percentile tax bill reaches $753. At the higher end, the 90th percentile tax bill is $1,272. These figures illustrate the range of tax burdens depending on individual property assessments and local tax rates. Compared to the national median property tax rate of 0.99%, Tippecanoe homeowners may find their tax bills relatively manageable, but they should still be prepared for some variability based on their specific circumstances.
Average Tippecanoe Tax Bill
$431
Average Fulton County Tax Bill
$797
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Tippecanoe, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46570 | $138 | $221 | $431 | $753 | $1,272 |
Source: Ownwell