Akron, Indiana Property Taxes
The median property tax rate in Akron, Indiana is 0.79%, 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 $172,100, the typical annual property tax bill is $1,397, falling below the national median of $2,690. Property taxes in Akron are calculated based on the tax assessed value, which often is lower than the market value due to various exemptions such as those for primary residences and agricultural properties. 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 Miami County, 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 Miami County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Akron, Indiana
Property taxes in Akron, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Akron is 0.79%, which is lower than 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 areas in Indiana and the national median. For comparison, the zip code 46910 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these areas compare with Akron provides valuable insights into the varying tax landscape across Miami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Akron Tax Rate
0.79%
Average Miami County Tax Rate
0.80%
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 | 0.58% | 0.66% | 0.79% | 1.24% | 1.53% |
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 Miami County Assessor's 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 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 zip code with both the highest and lowest median tax bill is 46910, with a median tax bill of $1,397.
Average Akron Assessed Value
$172,100
Average Miami County Assessed Value
$92,500
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 | $57,080 | $113,600 | $172,100 | $242,525 | $329,110 |
Source: Ownwell
Property Tax Bills Across Akron, Indiana
In Akron, Miami County, IN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, market trends, and home improvements can influence the assessed value. For example, the median home price in Akron is $172,100, and tax bills can vary significantly within the area. Homeowners in the 25th percentile pay around $813 annually, while those in the 75th percentile see bills closer to $2,237. At the 90th percentile, the tax bill can reach up to $3,552. The highest median tax bill in the area is $1,397, which is above the national median property tax rate of 0.99%. These variations can impact homeowners' financial planning, making it essential to understand how local property taxes are assessed and calculated.
Average Akron Tax Bill
$1,397
Average Miami County Tax Bill
$709
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 | $513 | $813 | $1,397 | $2,237 | $3,552 |
Source: Ownwell