Williamsburg, Indiana Property Taxes
The median property tax rate in Williamsburg, IN is 0.77%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Williamsburg at $142,450, the typical annual property tax bill is $1,331, falling below the national median of $2,690. Property taxes in Williamsburg are calculated based on the assessed value, which often remains below market value due to exemptions such as those for primary residences and agricultural properties. Understanding Williamsburg'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 Williamsburg 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
Williamsburg, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Williamsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsburg 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 Randolph County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Williamsburg, Indiana
Property taxes in Williamsburg, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsburg is 0.77%, lower than the U.S. national median of 0.99%. Local government entities within Williamsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsburg 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 Williamsburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47393 has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Williamsburg provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Williamsburg Tax Rate
0.77%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47393 | 0.23% | 0.53% | 0.77% | 1.13% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Williamsburg, Indiana
In Williamsburg, 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 Randolph 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 Williamsburg, 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 Williamsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47393 has the highest median tax bill at $1331.
Average Williamsburg Assessed Value
$142,450
Average Randolph County Assessed Value
$87,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Williamsburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47393 | $72,830 | $105,575 | $142,450 | $211,400 | $354,610 |
Source: Ownwell
Property Tax Bills Across Williamsburg, Indiana
In Williamsburg, Randolph County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to compute the annual tax bill. Factors such as the home's size, location, and condition play a significant role in the assessment process. For homeowners in Williamsburg, the median home price is $142,450. Property tax bills can vary widely, with the 25th percentile at $530 and the 75th percentile reaching $2,008. The 90th percentile tax bill is as high as $3,116, indicating a significant range in tax liabilities. The highest and lowest median tax bills in the area are both recorded at $1,331 in the zip code 47393. Compared to the national median property tax rate of 0.99%, Williamsburg's property tax rates can have a considerable impact on homeowners, influencing their overall cost of living and financial planning.
Average Williamsburg Tax Bill
$1,331
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47393 | $292 | $530 | $1,331 | $2,008 | $3,116 |
Source: Ownwell