Springville, Indiana Property Taxes
The median property tax rate in Springville, IN is 0.72%, lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Springville at $157,200, the typical annual property tax bill is $1,168, significantly below the national median of $2,690. Property taxes in Springville 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 Springville'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 Springville or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Springville, 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 Springville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springville 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 Springville, Indiana
Property taxes in Springville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springville is 0.72%, lower than the U.S. national median of 0.99%. Local government entities within Springville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springville 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 Springville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47462 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Springville provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springville Tax Rate
0.72%
Average Lawrence County Tax Rate
0.81%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47462 | 0.39% | 0.56% | 0.72% | 0.86% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Springville, Indiana
In Springville, 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 Lawrence 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 Springville, 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 Springville 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 47462, with a median bill of $1,168, while the lowest median tax bill is also in zip code 47462, with the same median bill of $1,168.
Average Springville Assessed Value
$157,200
Average Lawrence County Assessed Value
$124,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47462 | $47,600 | $105,200 | $157,200 | $234,800 | $327,650 |
Source: Ownwell
Property Tax Bills Across Springville, Indiana
In Springville, Lawrence County, IN, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The median home price in this area is $157,200. Homeowners can expect their tax bills to vary significantly based on several factors, including the assessed value of their property and any applicable exemptions or deductions. The tax bill at the 25th percentile is $565, indicating lower-priced properties or those with significant exemptions. On the higher end, the 90th percentile tax bill reaches $2,769, reflecting more valuable properties or fewer exemptions. The median tax bill in the area stands at $1,168, which is above the national median property tax rate of 0.99%. This means that homeowners in Springville may pay slightly higher property taxes compared to the national average, impacting their overall cost of homeownership. Understanding these factors can help homeowners better anticipate their annual financial obligations and plan accordingly.
Average Springville Tax Bill
$1,168
Average Lawrence County Tax Bill
$1,042
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Springville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47462 | $272 | $565 | $1,168 | $1,941 | $2,769 |
Source: Ownwell