Owensville, Indiana Property Taxes
The median property tax rate in Owensville, 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 Owensville at $144,700, the typical annual property tax bill is $1,218, falling below the national median of $2,690. Property taxes in Owensville are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Owensville'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 Owensville 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
Owensville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,201
Ownwell’s Owensville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owensville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owensville 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 Owensville, Indiana
Property taxes in Owensville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owensville is 0.83%, which is below the U.S. national median of 0.99%. Local government entities within Owensville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owensville 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 Owensville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47665 zip code has the highest median property tax rate of 0.83%, while the 47665 zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Owensville provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owensville Tax Rate
0.83%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owensville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47665 | 0.49% | 0.68% | 0.83% | 1.01% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Owensville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Owensville, Indiana. 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 Gibson 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 Owensville, 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 Owensville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47665 has both the highest and lowest median tax bills, each at $1,218, which is above the national median property tax rate of 0.99%.
Average Owensville Assessed Value
$144,700
Average Gibson County Assessed Value
$136,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Owensville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47665 | $52,200 | $100,200 | $144,700 | $203,800 | $278,400 |
Source: Ownwell
Property Tax Bills Across Owensville, Indiana
Property tax bills in Owensville, located in Gibson County, IN, are determined based on the assessed value of a property, which is calculated by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements or changes made to the property. For homeowners in Owensville, the tax bill can vary significantly. For example, the 25th percentile tax bill is approximately $731, while those in the 75th percentile pay around $1872. The highest median tax bill in the area is $1218, which is quite competitive compared to the national median property tax rate of 0.99%. This variability in tax bills affects homeowners differently, depending on the value and characteristics of their property. Understanding how these factors interplay is crucial for homeowners to anticipate their financial obligations and manage their property investments effectively.
Average Owensville Tax Bill
$1,218
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Owensville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47665 | $377 | $731 | $1,218 | $1,872 | $2,658 |
Source: Ownwell