Akron, Indiana Property Taxes
The median property tax rate in Akron, IN is 0.76%, 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 Akron at $169,450, the typical annual property tax bill amounts to $1,263, significantly below the national median of $2,690. Property taxes in Akron are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Akron'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 Akron 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
Akron, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Akron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Akron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Akron 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 Akron, Indiana
Property taxes in Akron, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Akron is 0.76%, lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Akron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Akron 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 Akron's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46910 zip code has the highest median property tax rate of 0.76%, while the 46910 zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Akron provides valuable insights into the varying tax landscape across Kosciusko County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Akron Tax Rate
0.76%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Akron, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46910 | 0.50% | 0.61% | 0.76% | 1.13% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Akron, Indiana
In Akron, 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 Kosciusko 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 Akron, 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 Akron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Akron is $1,263 in the 46910 zip code, while the lowest median tax bill is also $1,263 in the same zip code.
Average Akron Assessed Value
$169,450
Average Kosciusko County Assessed Value
$191,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Akron, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46910 | $49,490 | $101,300 | $169,450 | $255,125 | $356,220 |
Source: Ownwell
Property Tax Bills Across Akron, Indiana
In Akron, located in Kosciusko County, IN, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the home. Homeowners in Akron can expect their property tax bills to vary significantly, depending on the value of their property. For example, the 25th percentile tax bill is around $747, while the 75th percentile tax bill reaches approximately $2040. The highest tax bill observed in the area is $2957, reflecting the variability in property values and assessments. This variability means that homeowners with higher-valued properties will pay more in taxes. The median home price in Akron is $169,450, and the median tax bill stands at $1263, which is relatively higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community.
Average Akron Tax Bill
$1,263
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Akron, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46910 | $358 | $747 | $1,263 | $2,040 | $2,957 |
Source: Ownwell