Goodland, Indiana Property Taxes
The median property tax rate in Goodland, Indiana is 0.99%, aligning with both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Goodland at $86,850, the typical annual property tax bill is $983, which is significantly lower than the national median of $2,690. Property taxes in Goodland 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 Goodland'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 Goodland 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
Goodland, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$860
Ownwell’s Goodland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodland 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 Goodland, Indiana
Property taxes in Goodland, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodland is 0.88%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Goodland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodland 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 Goodland's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in the area is found in 47948, with a rate of 0.88%, while the lowest median tax rate is also in 47948, at 0.88%. Understanding how these cities compare with Goodland provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodland Tax Rate
0.99%
Average Newton County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47948 | 0.60% | 0.77% | 0.99% | 1.65% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Goodland, Indiana
In Goodland, 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 Newton County Assessment 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 Goodland, 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 Goodland 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 47948, at $983, which is also the lowest median tax bill in the area.
Average Goodland Assessed Value
$86,850
Average Newton County Assessed Value
$139,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goodland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47948 | $44,710 | $62,300 | $86,850 | $122,725 | $164,060 |
Source: Ownwell
Property Tax Bills Across Goodland, Indiana
In Goodland, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Goodland is $86,850, and the median property tax bill is $983.00, which is higher than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, and subsequently, the tax bill. For instance, the 25th percentile tax bill is $510, while the 75th percentile tax bill is $1,441, reflecting variations in property values within the area. The 90th percentile tax bill can reach up to $2,242, indicating that higher-value properties incur significantly higher taxes. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Goodland.
Average Goodland Tax Bill
$983
Average Newton County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47948 | $329 | $510 | $983 | $1,441 | $2,242 |
Source: Ownwell