Kokomo, Indiana Property Taxes
The median property tax rate in Kokomo, IN is 0.54%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $126,600 in Kokomo, the typical annual property tax bill amounts to $710, well below the national median of $2,690. Property taxes in Kokomo are determined based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Kokomo'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 Kokomo or another part of Miami County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kokomo, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$684
-$7,165
Ownwell’s Kokomo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kokomo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kokomo 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 Kokomo, Indiana
Property taxes in Kokomo, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kokomo is 0.54%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Kokomo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kokomo 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 Kokomo's effective property tax rate to other areas in Miami County and the national median. For comparison, the 46902 zip code has the highest median property tax rate of 1.50%, while the 46901 zip code has the lowest median tax rate of 0.54%. Understanding how these areas compare with Kokomo 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 Kokomo Tax Rate
0.54%
Average Miami County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kokomo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46901 | 0.30% | 0.42% | 0.54% | 1.09% | 1.50% |
| 46902 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Kokomo, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kokomo, 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 county's appraisal district 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 Kokomo, 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 Kokomo 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 46901, with a median tax bill of $711.00.
Average Kokomo Assessed Value
$126,600
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 Kokomo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46901 | $33,300 | $66,450 | $126,600 | $194,750 | $272,310 |
| 46902 | $6,700 | $6,700 | $6,700 | $6,700 | $6,700 |
Source: Ownwell
Property Tax Bills Across Kokomo, Indiana
In Kokomo, located in Miami County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, the median home price in Kokomo is $126,600. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Kokomo can expect a wide range of tax bills. The 25th percentile tax bill is around $369, while the 75th percentile reaches $1,205. For those at the higher end, the 90th percentile tax bill can be as much as $2,027. Interestingly, the highest median tax bill in the area is $711, found in zip code 46901, which also has the lowest median tax bill of $711. Comparatively, Kokomo's property tax rates are lower than the national median property tax rate of 0.99%, making it an attractive location for homeowners looking for lower property tax burdens. These tax bills impact homeowners by influencing their overall housing costs and affordability.
Average Kokomo Tax Bill
$710
Average Miami County Tax Bill
$709
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Kokomo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46901 | $199 | $370 | $711 | $1,207 | $2,027 |
| 46902 | $100 | $100 | $100 | $100 | $100 |
Source: Ownwell