Gosport, Indiana Property Taxes
The median property tax rate in Gosport, Indiana is 0.77%, 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 Gosport, the typical annual property tax bill reaches $1,414, significantly below the national median of $2,690. Property taxes in Gosport 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 Gosport'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 Gosport 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
Gosport, 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 Gosport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gosport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gosport 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 Gosport, Indiana
Property taxes in Gosport, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gosport is 0.77%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Gosport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gosport 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 Gosport's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47433 zip code has the highest median property tax rate of 0.77%, while the 47433 zip code has the lowest median tax rate of 0.77%. Understanding how these cities compare with Gosport provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gosport Tax Rate
0.77%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gosport, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47433 | 0.44% | 0.61% | 0.77% | 1.26% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Gosport, Indiana
In Gosport, 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 Monroe 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 Gosport, 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 Gosport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,414, found in the zip code 47433.
Average Gosport Assessed Value
$180,600
Average Monroe County Assessed Value
$243,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gosport, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47433 | $58,350 | $121,450 | $180,600 | $247,175 | $324,250 |
Source: Ownwell
Property Tax Bills Across Gosport, Indiana
In Gosport, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine your annual tax bill. For example, with a median home price of $180,600, the tax bill can vary significantly depending on various factors such as property location and exemptions. In Monroe County, where Gosport is located, the 25th percentile tax bill is $817, while the 75th percentile tax bill is $2,291. At the higher end, the 90th percentile tax bill reaches $3,187. Comparatively, the national median property tax rate is 0.99%, highlighting the variability within the region. Homeowners in Gosport need to be aware of these factors as they significantly impact annual financial planning. The highest median tax bill in the county is $1,414, which is also the lowest, indicating a consistent rate within the specified zip code of 47433.
Average Gosport Tax Bill
$1,414
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Gosport, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47433 | $483 | $817 | $1,414 | $2,291 | $3,187 |
Source: Ownwell