Seymour, Indiana Property Taxes
The median property tax rate in Seymour, IN is 0.88%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Seymour at $123,750, the typical annual property tax bill amounts to $1,021, which is below the national median of $2,690. Property taxes in Seymour 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 Seymour'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 Seymour 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
Seymour, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,089
Ownwell’s Seymour Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seymour with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seymour 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 Seymour, Indiana
Property taxes in Seymour, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seymour is 0.88%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Seymour set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seymour 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 Seymour's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47274 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Seymour 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 Seymour Tax Rate
0.88%
Average Jennings County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seymour, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47274 | 0.48% | 0.68% | 0.88% | 1.17% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Seymour, Indiana
In Seymour, 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'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 Seymour, 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 Seymour helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Seymour is $123,750, with tax bills ranging from $609 at the 25th percentile to $2,711 at the 90th percentile. The highest and lowest median tax bills are both $1,021 in zip code 47274.
Average Seymour Assessed Value
$123,750
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 Seymour, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47274 | $41,030 | $81,350 | $123,750 | $178,000 | $245,910 |
Source: Ownwell
Property Tax Bills Across Seymour, Indiana
In Seymour, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Seymour, the median home price is $123,750. Property tax bills can vary significantly, with the 25th percentile tax bill at $609 and the 75th percentile reaching $1,999. At the 90th percentile, homeowners may see tax bills as high as $2,711. These taxes are essential for funding local services such as schools, public safety, and infrastructure. The median property tax rate in Seymour is competitive when compared to the national median rate of 0.99%. Homeowners in Seymour's zip code 47274 experience a median tax bill of $1,021, which is consistent across the board. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Seymour Tax Bill
$1,021
Average Jennings County Tax Bill
$904
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Seymour, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47274 | $347 | $609 | $1,021 | $1,999 | $2,711 |
Source: Ownwell