Westfield, Indiana Property Taxes
The median property tax rate in Westfield, IN is 1.04%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Westfield at $372,300, the typical annual property tax bill reaches $3,908, surpassing the national median of $2,690. Property taxes in Westfield are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Westfield'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 Westfield or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Westfield, 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 Westfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westfield 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 Westfield, Indiana
Property taxes in Westfield, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westfield is 1.04%, slightly higher than the U.S. national median of 0.99%. Local government entities within Westfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westfield 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 Westfield's effective property tax rate to other areas in Hamilton County and the national median. For comparison, the zip code 46034 has the highest median property tax rate of 1.19%, while the zip code 46062 has the lowest median tax rate of 1.04%. Understanding how these areas compare with Westfield provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westfield Tax Rate
1.04%
Average Hamilton County Tax Rate
1.05%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46034 | 1.05% | 1.11% | 1.19% | 1.20% | 1.57% |
| 46062 | 0.96% | 1.00% | 1.04% | 1.09% | 1.92% |
| 46074 | 0.73% | 1.00% | 1.04% | 1.08% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Westfield, Indiana
In Westfield, 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 Hamilton County Assessor's Office 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 Westfield, 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 Westfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $11,651 in the 46034 zip code, while the lowest is $3,886 in the 46062 zip code.
Average Westfield Assessed Value
$372,300
Average Hamilton County Assessed Value
$355,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46034 | $754,560 | $859,500 | $980,400 | $1,039,300 | $1,293,100 |
| 46062 | $225,680 | $267,800 | $356,200 | $447,700 | $790,200 |
| 46074 | $229,900 | $287,800 | $374,700 | $475,700 | $618,800 |
Source: Ownwell
Property Tax Bills Across Westfield, Indiana
Property tax bills in Westfield, Hamilton County, Indiana, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Westfield can expect a range of property tax bills depending on their property’s assessed value. For instance, the 25th percentile tax bill is approximately $2,849, while the 75th percentile reaches around $5,055. The 90th percentile tax bill can go up to $6,884. Comparatively, these figures show that property tax rates in Westfield are relatively moderate. The highest median tax bill in the area is $11,651 in the 46034 zip code, whereas the lowest is $3,886 in the 46062 zip code. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and overall cost of homeownership.
Average Westfield Tax Bill
$3,908
Average Hamilton County Tax Bill
$3,915
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Westfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46034 | $8,295 | $10,354 | $11,651 | $16,275 | $17,795 |
| 46062 | $2,268 | $2,904 | $3,886 | $5,004 | $8,579 |
| 46074 | $1,742 | $2,841 | $3,912 | $5,055 | $6,677 |
Source: Ownwell