Tippecanoe, Marshall County, Indiana Property Taxes
The median property tax rate in Tippecanoe, IN is 0.65%, which is notably lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $96,750 in Tippecanoe, the typical annual property tax bill amounts to $569, significantly below the national median of $2,690. Property taxes in Tippecanoe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Tippecanoe's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tippecanoe 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
Tippecanoe, Marshall County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$629
$584
Ownwell’s Tippecanoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tippecanoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tippecanoe 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 Tippecanoe, Marshall County, Indiana
Property taxes in Tippecanoe, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tippecanoe is 0.85%, lower than the Indiana state median of 0.89% but still below the U.S. national median of 0.99%. Local government entities within Tippecanoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tippecanoe 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 Tippecanoe's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47906 zip code has the highest median property tax rate of 0.85%, while the 47906 zip code also has the lowest median tax rate of 0.85%. Understanding how these areas compare with Tippecanoe provides valuable insights into the varying tax landscape across Tippecanoe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tippecanoe Tax Rate
0.65%
Average Marshall County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tippecanoe, Marshall County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46570 | 0.31% | 0.47% | 0.65% | 1.16% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Tippecanoe, Marshall County, Indiana
In Tippecanoe, 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 local county assessment 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 Tippecanoe, 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 Tippecanoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $569 in the 46570 zip code, while the lowest median tax bill is also $569 in the same zip code.
Property Tax Assessment Values Across Tippecanoe, Marshall County, Indiana
Source: Ownwell
$72,900
$145,400
$217,900
Average Tippecanoe Assessed Value
$96,750
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 Tippecanoe, Marshall County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46570 | $8,450 | $41,875 | $96,750 | $145,775 | $209,750 |
Source: Ownwell
Property Tax Bills Across Tippecanoe, Marshall County, Indiana
In Tippecanoe, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of your property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. The median home price in Tippecanoe is $96,750, and this value plays a crucial role in determining the overall tax liability. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value, thereby affecting the tax bill. Homeowners in Tippecanoe can expect property tax bills that range from $205 at the 25th percentile to $1,585 at the 90th percentile. This range illustrates the variability in tax bills based on property values and other determining factors. Compared to the national median property tax rate of 0.99%, Tippecanoe's tax rates provide a benchmark for homeowners to anticipate their financial obligations.
Average Tippecanoe Tax Bill
$569
Average Marshall County Tax Bill
$1,216
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Tippecanoe, Marshall County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46570 | $61 | $205 | $569 | $1,089 | $1,585 |
Source: Ownwell