Spiceland, Indiana Property Taxes
The median property tax rate in Spiceland, IN is 0.83%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value in Spiceland of $116,350, the typical annual property tax bill amounts to $932, significantly less than the national median of $2,690. Property taxes in Spiceland are based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Spiceland'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 Spiceland or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spiceland, 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 Spiceland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spiceland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spiceland 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 Spiceland, Indiana
Property taxes in Spiceland, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spiceland is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Spiceland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spiceland 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 Spiceland's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47385 zip code has a median property tax rate of 0.83%, which is consistent across Spiceland. Understanding how these cities compare with Spiceland 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 Spiceland Tax Rate
0.83%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spiceland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47385 | 0.44% | 0.59% | 0.83% | 1.12% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Spiceland, Indiana
In Spiceland, 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 Spiceland, 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 Spiceland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Spiceland are both $932, found in the 47385 zip code.
Average Spiceland Assessed Value
$116,350
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 Spiceland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47385 | $42,400 | $80,200 | $116,350 | $169,975 | $238,380 |
Source: Ownwell
Property Tax Bills Across Spiceland, Indiana
In Spiceland, Henry County, IN, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The median home price in Spiceland is $116,350. Property taxes are then calculated by applying the local tax rate to this assessed value. The tax rate is influenced by various factors, including local government budgets, school funding, and public services. For homeowners, understanding where their tax bill falls within the range can help in financial planning. In Spiceland, the 25th percentile tax bill is $512, while the 75th percentile reaches $1,646, and the 90th percentile can go up to $2,501. The median tax bill in the area is $932, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Spiceland compared to other regions. Homeowners should be aware of these factors as they can significantly impact their annual expenses.
Average Spiceland Tax Bill
$932
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Spiceland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47385 | $315 | $512 | $932 | $1,646 | $2,501 |
Source: Ownwell