Springville, Indiana Property Taxes
The median property tax rate in Springville, IN is 0.74%, 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 Springville at $209,200, the typical annual property tax bill comes to $1,565, significantly below the national median of $2,690. Property taxes in Springville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Springville'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 Springville 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
Springville, 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 Springville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springville 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 Springville, Indiana
Property taxes in Springville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springville is 0.74%, slightly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Springville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springville 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 Springville's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47462 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Springville 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 Springville Tax Rate
0.74%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47462 | 0.34% | 0.57% | 0.74% | 1.04% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Springville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Springville, 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 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 Springville, 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. For instance, the median home price in Springville is $209,200. Tax bills can vary significantly, with the 25th percentile at $832 and the 75th percentile at $2,611. The highest median tax bill is found in zip code 47462, amounting to $1,565. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Springville Assessed Value
$209,200
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 Springville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47462 | $84,240 | $145,700 | $209,200 | $294,900 | $388,960 |
Source: Ownwell
Property Tax Bills Across Springville, Indiana
In Springville, Monroe County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Springville, the median home price is $209,200, and tax bills can vary significantly. The 25th percentile tax bill is $832, while the 75th percentile reaches $2,611, and the 90th percentile climbs to $3,540. Compared to the national median property tax rate of 0.99%, Springville's tax rates can have a substantial impact on homeowners' finances. The highest and lowest median tax bills in the area are both $1,565, located in zip code 47462, indicating some consistency in tax assessments within that region. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average Springville Tax Bill
$1,565
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Springville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47462 | $419 | $832 | $1,565 | $2,611 | $3,540 |
Source: Ownwell