Gosport, Indiana Property Taxes
The median property tax rate in Gosport, Indiana is 0.41%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Gosport at $216,400, the typical annual property tax bill reaches $924, well 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
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$887
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gosport is 0.41%, which is significantly lower than 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 areas in Indiana and the national median. For comparison, the zip code 47433 has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these areas compare with Gosport provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gosport Tax Rate
0.41%
Average Morgan County Tax Rate
0.54%
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 | 0.25% | 0.33% | 0.41% | 0.56% | 0.73% |
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 Morgan 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 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 $924.00, found in the zip code 47433.
Average Gosport Assessed Value
$216,400
Average Morgan County Assessed Value
$228,450
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 | $102,540 | $163,400 | $216,400 | $312,600 | $416,080 |
Source: Ownwell
Property Tax Bills Across Gosport, Indiana
In Gosport, property tax bills are calculated based on the assessed value of a property, which is determined by local officials. This assessed value is then multiplied by the local tax rate to generate the annual tax bill. For homeowners in Gosport, the median home price is $216,400, and this valuation plays a significant role in determining their property tax obligations. The tax bill varies significantly across different percentiles. For instance, at the 25th percentile, homeowners might expect a tax bill around $606, while at the 75th percentile, the tax bill rises to approximately $1,381. At the 90th percentile, the tax bill can reach up to $1,931. These variations highlight the impact of property values and local tax rates on the overall tax burden. Compared to the national median property tax rate of 0.99%, Gosport's property tax rates reflect the local economic conditions and funding needs. Homeowners must consider these taxes as a crucial part of their annual expenses, influencing both their budgeting and long-term financial planning.
Average Gosport Tax Bill
$924
Average Morgan County Tax Bill
$1,323
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 | $321 | $606 | $924 | $1,381 | $1,931 |
Source: Ownwell