Silver Lake, Kosciusko County, Indiana Property Taxes
The median property tax rate in Silver Lake, IN is 0.83%, 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 Silver Lake at $119,100, the typical annual property tax bill reaches $998, falling below the national median of $2,690. Property taxes in Silver Lake are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Silver Lake'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 Silver Lake 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
Silver Lake, Kosciusko County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$989
$917
Ownwell’s Silver Lake Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Silver Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Lake 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 Silver Lake, Kosciusko County, Indiana
Property taxes in Silver Lake, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Lake is 0.83%, 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 Silver Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Lake 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 Silver Lake's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46982 zip code has the highest median property tax rate of 0.83%, while the 46982 zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Silver Lake 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 Silver Lake Tax Rate
0.83%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Lake, Kosciusko County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46982 | 0.37% | 0.59% | 0.83% | 1.24% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Silver Lake, Kosciusko County, Indiana
In Silver Lake, 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. Assessment notices in Silver Lake 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 Silver Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46982 has the highest median tax bill at $998.
Property Tax Assessment Values Across Silver Lake, Kosciusko County, Indiana
Source: Ownwell
$76,200
$210,000
$343,800
Average Silver Lake Assessed Value
$119,100
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 Silver Lake, Kosciusko County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46982 | $31,760 | $70,250 | $119,100 | $189,500 | $293,980 |
Source: Ownwell
Property Tax Bills Across Silver Lake, Kosciusko County, Indiana
In Silver Lake, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor's office and reflects the estimated market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Silver Lake is $119,100, and property tax bills can range significantly. Homeowners in the 25th percentile pay around $513 annually, while those in the 75th percentile face bills of approximately $1,722. At the 90th percentile, tax bills can reach up to $2,599. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Understanding how property taxes are calculated helps homeowners in Silver Lake plan their finances and anticipate their annual obligations.
Average Silver Lake Tax Bill
$998
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Lake, Kosciusko County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46982 | $231 | $513 | $998 | $1,722 | $2,599 |
Source: Ownwell