Hagerstown, Indiana Property Taxes
The median property tax rate in Hagerstown, Indiana is 0.90%, slightly below the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Hagerstown at $152,050, the typical annual property tax bill is $1,449, which is lower than the national median of $2,690. Property taxes in Hagerstown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hagerstown'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 Hagerstown or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hagerstown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,368
Ownwell’s Hagerstown Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Hagerstown using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Hagerstown to provide an accurate estimate of your property tax bill. This helpful tool allows you to understand potential tax liabilities better. For those looking to dive deeper into neighborhood-specific trends, additional localized information is available below. Your property's assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Hagerstown, Indiana
Property taxes in Hagerstown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hagerstown is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Hagerstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hagerstown 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 Hagerstown's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47346 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Hagerstown provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hagerstown Tax Rate
0.90%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hagerstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47346 | 0.50% | 0.69% | 0.90% | 1.61% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Hagerstown, Indiana
In Hagerstown, 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 Henry 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 Hagerstown, 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 Hagerstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 47346, with a median tax bill of $1,449.
Average Hagerstown Assessed Value
$152,050
Average Henry County Assessed Value
$106,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hagerstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47346 | $80,300 | $110,925 | $152,050 | $194,075 | $273,550 |
Source: Ownwell
Property Tax Bills Across Hagerstown, Indiana
In Hagerstown, Henry 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 is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Hagerstown is $152,050, and with a property tax rate of 0.99%, the median tax bill aligns closely with the national median. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill stands at $853, while the 75th percentile reaches $2,207, indicating a range of tax burdens among homeowners. At the 90th percentile, the tax bill can go as high as $3,232, reflecting higher-valued properties or fewer exemptions. This variability in tax bills significantly impacts homeowners by affecting their annual financial planning and long-term investment in their property. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Hagerstown Tax Bill
$1,449
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hagerstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47346 | $526 | $853 | $1,449 | $2,207 | $3,232 |
Source: Ownwell