Osgood, Indiana Property Taxes
The median property tax rate in Osgood, IN is 0.91%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $109,500 in Osgood, the typical annual property tax bill amounts to $1,569, which is below the national median of $2,690. Property taxes in Osgood are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Osgood'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 Osgood or another part of Jennings County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Osgood, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$996
Ownwell’s Osgood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osgood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osgood 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 Osgood, Indiana
Property taxes in Osgood, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osgood is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Osgood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osgood 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 Osgood's effective property tax rate to other counties in Indiana and the national median. For comparison, the ZIP code 47037 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Osgood provides valuable insights into the varying tax landscape across Jennings County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Osgood Tax Rate
0.91%
Average Jennings County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osgood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47037 | 0.52% | 0.59% | 0.91% | 1.48% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Osgood, Indiana
In Osgood, 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 Jennings 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 Osgood, 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 Osgood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 47037, with a tax bill of $1,569.
Average Osgood Assessed Value
$109,500
Average Jennings County Assessed Value
$107,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Osgood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47037 | $93,500 | $105,800 | $109,500 | $176,200 | $238,920 |
Source: Ownwell
Property Tax Bills Across Osgood, Indiana
In Osgood, located in Jennings County, IN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Osgood can expect to see a range of property tax bills depending on their property's assessed value. For instance, the tax bill for the 25th percentile is $559, while the 75th percentile sees a tax bill of $2,429. At the 90th percentile, the tax bill can go up to $2,708. The median home price in Osgood is $109,500, which influences the overall tax burden on homeowners. Compared to the national median property tax rate of 0.99%, Osgood's rates may vary, impacting how much residents pay annually. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly affecting the community's quality of life. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Osgood Tax Bill
$1,569
Average Jennings County Tax Bill
$904
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Osgood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47037 | $520 | $559 | $1,569 | $2,429 | $2,708 |
Source: Ownwell