Spencer, Indiana Property Taxes
The median property tax rate in Spencer, IN is 0.77%, lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Spencer at $151,800, the typical annual property tax bill is $1,226, which is below the national median of $2,690. Property taxes in Spencer are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Spencer's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Spencer or another part of Owen County, gaining insights into the local property tax system will be beneficial.
Last Updated June 14, 2024
Spencer, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,169
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, Indiana
Property taxes in Spencer, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47460 has both the highest and lowest median property tax rate of 0.77%. Understanding how these areas compare with Spencer 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 Spencer Tax Rate
0.77%
Average Owen County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47460 | 0.45% | 0.61% | 0.77% | 1.21% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Indiana
In Spencer, 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 Spencer, 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 Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Spencer is $151,800, with tax bills ranging significantly. The 25th percentile tax bill is $684, while the 75th percentile reaches $1,941, and the 90th percentile is $2,848. Notably, the highest and lowest median tax bills in Spencer are both found in the 47460 zip code, amounting to $1,226.
Average Spencer Assessed Value
$151,800
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 Spencer, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47460 | $50,900 | $98,900 | $151,800 | $218,900 | $296,600 |
Source: Ownwell
Property Tax Bills Across Spencer, Indiana
In Spencer, located in Owen County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $151,800, homeowners can expect a range of tax bills. At the 25th percentile, the tax bill is around $684, while at the 75th percentile, it rises to approximately $1,941. At the 90th percentile, the tax bill can go up to $2,848. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in Spencer. Compared to the national median property tax rate of 0.99%, Spencer's property tax rates can represent a significant financial consideration for homeowners. Understanding how these taxes are calculated helps homeowners better plan their finances and anticipate their annual expenses.
Average Spencer Tax Bill
$1,226
Average Owen County Tax Bill
$1,105
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47460 | $354 | $684 | $1,226 | $1,941 | $2,848 |
Source: Ownwell