Waveland, Indiana Property Taxes
The median property tax rate in Waveland, IN is 0.66%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Waveland at $116,800, the typical annual property tax bill amounts to $901, which is well below the national median of $2,690. Property taxes in Waveland are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Waveland's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Waveland or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waveland, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$771
Ownwell’s Waveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waveland 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 Waveland, Indiana
Property taxes in Waveland, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Waveland is 0.66%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Waveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waveland 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 Waveland's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47989 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Waveland provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waveland Tax Rate
0.66%
Average Montgomery County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waveland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47989 | 0.37% | 0.47% | 0.66% | 1.23% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Waveland, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waveland, 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 Montgomery County Assessor 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 Waveland, 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 Waveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Waveland, the median home price is $116,800. The 25th percentile tax bill is $396, while the 75th percentile tax bill reaches $1,671. The highest median tax bill is $901 in the 47989 zip code, which also has the lowest median tax bill, highlighting a unique consistency in the area.
Average Waveland Assessed Value
$116,800
Average Montgomery County Assessed Value
$158,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waveland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47989 | $47,450 | $70,250 | $116,800 | $192,225 | $312,090 |
Source: Ownwell
Property Tax Bills Across Waveland, Indiana
In Waveland, property tax bills are calculated based on the assessed value of a home, which is determined by the Montgomery County assessor. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For homeowners in Waveland, the median home price is $116,800. Property tax bills can vary significantly, with the 25th percentile tax bill at $396 and the 75th percentile reaching $1,671. At the higher end, the 90th percentile tax bill can be as much as $3,190. Factors influencing the tax bill include property size, location, and any applicable exemptions. The local property tax rate in Waveland is lower than the national median property tax rate of 0.99%. This can make homeownership more affordable compared to other regions. However, the variability in tax bills means homeowners must be aware of how changes in assessed value or tax rates could impact their annual expenses.
Average Waveland Tax Bill
$901
Average Montgomery County Tax Bill
$1,357
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Waveland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47989 | $235 | $396 | $901 | $1,671 | $3,190 |
Source: Ownwell