Wheatfield, Indiana Property Taxes
The median property tax rate in Wheatfield, IN is 0.48%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Wheatfield at $203,900, the typical annual property tax bill reaches $991, significantly below the national median of $2,690. Property taxes in Wheatfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wheatfield'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 Wheatfield or another part of Jasper County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wheatfield, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$979
Ownwell’s Wheatfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wheatfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheatfield 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 Wheatfield, Indiana
Property taxes in Wheatfield, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheatfield is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Wheatfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheatfield 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 Wheatfield's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46392 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Wheatfield provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wheatfield Tax Rate
0.48%
Average Jasper County Tax Rate
0.49%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheatfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46392 | 0.32% | 0.41% | 0.48% | 0.62% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Wheatfield, Indiana
In Wheatfield, 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 Jasper 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 Wheatfield, 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 Wheatfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wheatfield is $203,900, with the highest and lowest median tax bills both being $991 in the zip code 46392.
Average Wheatfield Assessed Value
$203,900
Average Jasper County Assessed Value
$186,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wheatfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46392 | $70,420 | $134,800 | $203,900 | $277,600 | $366,540 |
Source: Ownwell
Property Tax Bills Across Wheatfield, Indiana
In Wheatfield, located in Jasper County, IN, property tax bills are calculated based on the assessed value of the home. The median home price in Wheatfield is $203,900, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any applicable exemptions can influence the assessed value. Homeowners in Wheatfield can expect tax bills to vary; for instance, the 25th percentile tax bill is around $617, while the 75th percentile tax bill reaches $1,499. At the 90th percentile, tax bills can go up to $2,145. Comparatively, the median property tax rate in Wheatfield aligns closely with the national median property tax rate of 0.99%. This means that homeowners in Wheatfield may find their property tax bills to be relatively average when compared to national figures. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Wheatfield Tax Bill
$991
Average Jasper County Tax Bill
$974
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheatfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46392 | $323 | $617 | $991 | $1,499 | $2,145 |
Source: Ownwell