Nappanee, Indiana Property Taxes
The median property tax rate in Nappanee, IN is 0.77%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Nappanee at $217,900, the typical annual property tax bill reaches $1,677, which is below the national median of $2,690. Property taxes in Nappanee 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 Nappanee'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 Nappanee 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
Nappanee, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,678
Ownwell’s Nappanee Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Nappanee using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nappanee to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Nappanee, Indiana
Property taxes in Nappanee, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nappanee is 0.77%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Nappanee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nappanee 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 Nappanee's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46550 zip code has the highest median property tax rate of 0.77%, while the 46550 zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Nappanee provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nappanee Tax Rate
0.77%
Average Marshall County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nappanee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46550 | 0.57% | 0.67% | 0.77% | 1.21% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Nappanee, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Nappanee, Indiana. 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 Marshall 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 Nappanee, 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 Nappanee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $217,900, with the highest and lowest median tax bills both being $1,677 in the 46550 zip code.
Average Nappanee Assessed Value
$217,900
Average Marshall County Assessed Value
$139,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nappanee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46550 | $141,100 | $163,675 | $217,900 | $248,575 | $294,600 |
Source: Ownwell
Property Tax Bills Across Nappanee, Indiana
In Nappanee, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $217,900, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $1,237, while the 75th percentile tax bill reaches approximately $2,205. At the 90th percentile, the tax bill can go up to $2,904. These figures reflect how different factors, such as property value and local tax rates, contribute to the overall tax burden. For homeowners, this means that owning a property in Nappanee can come with varying tax obligations, potentially impacting their annual budget. Compared to the national median property tax rate of 0.99%, the property tax rates in Nappanee fall within a similar range, ensuring that homeowners are neither excessively burdened nor significantly advantaged.
Average Nappanee Tax Bill
$1,677
Average Marshall County Tax Bill
$1,216
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Nappanee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46550 | $902 | $1,237 | $1,677 | $2,205 | $2,904 |
Source: Ownwell