Straughn, Indiana Property Taxes
The median property tax rate in Straughn, Indiana is 0.79%, 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 Straughn at $107,850, the typical annual property tax bill is $838, significantly below the national median of $2,690. Property taxes in Straughn 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 Straughn'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 Straughn 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
Straughn, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$852
Ownwell’s Straughn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Straughn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Straughn 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 Straughn, Indiana
Property taxes in Straughn, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Straughn is 0.79%, lower than the U.S. national median of 0.99%. Local government entities within Straughn set these rates annually, and they can vary across different neighborhoods. Each year, Straughn 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 Straughn's effective property tax rate to other areas in Henry County and the national median. For comparison, the 47387 zip code has the median property tax rate of 0.79%. Understanding how these cities compare with Straughn 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 Straughn Tax Rate
0.79%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Straughn, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47387 | 0.38% | 0.58% | 0.79% | 1.19% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Straughn, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Straughn, 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 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 Straughn, 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. For instance, the median home price in Straughn is $107,850, with tax bills at the 25th percentile being $448 and at the 75th percentile reaching $1,484. The zip code 47387 has the highest and lowest median tax bill, both at $838. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Straughn Assessed Value
$107,850
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 Straughn, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47387 | $35,450 | $70,125 | $107,850 | $155,775 | $229,750 |
Source: Ownwell
Property Tax Bills Across Straughn, Indiana
Property tax bills in Straughn, located in Henry County, Indiana, are calculated based on the assessed value of a property. This assessed value is determined by the county assessor and reflects the market value of the home. For instance, the median home price in Straughn is $107,850. Property tax rates are applied to this assessed value to determine the annual tax bill. In Straughn, tax bills can vary significantly; the 25th percentile tax bill is $448, while the 75th percentile tax bill is $1,484, and the 90th percentile tax bill reaches $2,642. The median property tax bill in Straughn stands at $838, which is below the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Straughn can expect their property tax bills to reflect these factors, impacting their annual financial planning and overall cost of homeownership.
Average Straughn Tax Bill
$838
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Straughn, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47387 | $275 | $448 | $838 | $1,484 | $2,642 |
Source: Ownwell