South Whitley, Indiana Property Taxes
The median property tax rate in South Whitley, IN is 0.75%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in South Whitley, the typical annual property tax bill reaches $1,306, which is well below the national median of $2,690. Property taxes in South Whitley are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding South Whitley'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 South Whitley or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Whitley, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,507
Ownwell’s SOUTH WHITLEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SOUTH WHITLEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SOUTH WHITLEY 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 South Whitley, Indiana
Property taxes in South Whitley, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Whitley is 0.75%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within South Whitley set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Whitley 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. For comparison, the zip code 46787 has the same median property tax rate of 0.75%. Understanding how these areas compare with South Whitley provides valuable insights into the varying tax landscape across Huntington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Whitley Tax Rate
0.75%
Average Huntington County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Whitley, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46787 | 0.63% | 0.67% | 0.75% | 1.13% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across South Whitley, Indiana
In South Whitley, 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 Huntington 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 South Whitley, 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 South Whitley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $1,306 in zip code 46787, which is below the national median property tax rate of 0.99%.
Average South Whitley Assessed Value
$200,900
Average Huntington County Assessed Value
$130,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Whitley, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46787 | $91,520 | $154,250 | $200,900 | $300,450 | $464,160 |
Source: Ownwell
Property Tax Bills Across South Whitley, Indiana
Property tax bills in South Whitley, Huntington County, IN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the property. Additionally, local government budgets and school district funding needs can affect the rate. In South Whitley, the median home price is $200,900, and the property tax rate is relatively moderate compared to the national median property tax rate of 0.99%. For homeowners, this means that property taxes can range significantly. For instance, the tax bill at the 25th percentile is $986, while at the 75th percentile, it reaches $3,103. At the 90th percentile, it can be as high as $5,156. These variations can significantly impact homeowners' annual expenses, making it essential to understand how property taxes are calculated and managed.
Average South Whitley Tax Bill
$1,306
Average Huntington County Tax Bill
$1,172
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across South Whitley, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46787 | $800 | $986 | $1,306 | $3,103 | $5,156 |
Source: Ownwell