Cloverdale, Indiana Property Taxes
The median property tax rate in Cloverdale, Indiana is 0.95%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value in Cloverdale at $85,700, the typical annual property tax bill amounts to $829, which is significantly lower than the national median of $2,690. Property taxes in Cloverdale are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Cloverdale's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cloverdale or another part of Owen County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cloverdale, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$814
Ownwell’s Cloverdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cloverdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cloverdale 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 Cloverdale, Indiana
Property taxes in Cloverdale, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cloverdale is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Cloverdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cloverdale 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 Cloverdale's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46120 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Cloverdale provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cloverdale Tax Rate
0.95%
Average Owen County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cloverdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46120 | 0.44% | 0.65% | 0.95% | 1.73% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across Cloverdale, Indiana
In Cloverdale, 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 Owen 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 Cloverdale, 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 Cloverdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cloverdale is $829.00 in zip code 46120, while the lowest median tax bill is also $829.00 in the same zip code.
Average Cloverdale Assessed Value
$85,700
Average Owen County Assessed Value
$135,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cloverdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46120 | $18,300 | $36,000 | $85,700 | $156,600 | $224,900 |
Source: Ownwell
Property Tax Bills Across Cloverdale, Indiana
In Cloverdale, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. For example, if a home has a median market price of $85,700, the assessed value will be a fraction of this amount. The property tax rate in Cloverdale, located in Owen County, is then applied to the assessed value to determine the annual tax bill. This rate can vary, but it is important to note that the national median property tax rate is 0.99%. Homeowners in Cloverdale can expect tax bills ranging significantly, from the 25th percentile at $388 to the 75th percentile at $1,508, and up to the 90th percentile at $2,458. These tax bills directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, ensuring the community's well-being and development.
Average Cloverdale Tax Bill
$829
Average Owen County Tax Bill
$1,105
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cloverdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46120 | $198 | $388 | $829 | $1,508 | $2,458 |
Source: Ownwell