Gosport, Owen County, Indiana Property Taxes
The median property tax rate in Gosport, Indiana is 0.75%, 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 $136,050, the typical annual property tax bill reaches $1,076, significantly 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, Owen County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,020
$947
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, Owen County, Indiana
Property taxes in Gosport, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Gosport is 0.75%, which is lower than both the Indiana state median and 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 both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Gosport provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gosport Tax Rate
0.75%
Average Owen County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gosport, Owen County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47433 | 0.36% | 0.56% | 0.75% | 1.26% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Gosport, Owen County, 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 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 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. For instance, the median home price in Gosport is $136,050, and the median tax bill can range from $557 at the 25th percentile to $1,757 at the 75th percentile, with the 90th percentile reaching up to $2,735. The zip code 47433 has the highest and lowest median tax bill at $1,076. 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.
Property Tax Assessment Values Across Gosport, Owen County, Indiana
Source: Ownwell
$54,800
$123,200
$191,600
Average Gosport Assessed Value
$136,050
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 Gosport, Owen County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47433 | $55,340 | $89,825 | $136,050 | $198,150 | $284,180 |
Source: Ownwell
Property Tax Bills Across Gosport, Owen County, Indiana
In Gosport, located in Owen County, IN, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local government assessors who evaluate various factors, including the property's size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to calculate the property tax bill. For homeowners in Gosport, the median home price is $136,050. Property tax bills can vary widely; the 25th percentile tax bill is $557, while the 75th percentile reaches $1,757. At the higher end, the 90th percentile tax bill can be as much as $2,735. The median tax bill in the area is $1,076, consistent across zip code 47433. These property taxes directly impact homeowners by contributing to local services such as schools, emergency services, and infrastructure. Comparatively, the national median property tax rate is 0.99%, highlighting how local tax rates and assessed values can significantly affect individual tax burdens.
Average Gosport Tax Bill
$1,076
Average Owen County Tax Bill
$1,105
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Gosport, Owen County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47433 | $298 | $557 | $1,076 | $1,757 | $2,735 |
Source: Ownwell