Homer, Indiana Property Taxes
The median property tax rate in Homer, Indiana is 0.64%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Homer, the typical annual property tax bill is $675, well below the national median of $2,690. Property taxes in Homer are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Homer'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 Homer 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
Homer, 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 Homer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homer 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 Homer, Indiana
Property taxes in Homer, Indiana, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Homer is 0.64%, lower than the U.S. national median of 0.99%. Local government entities within Homer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homer 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 Homer's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46146 has the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Homer provides valuable insights into the varying tax landscape across Rush County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Homer Tax Rate
0.64%
Average Rush County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homer, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46146 | 0.29% | 0.46% | 0.64% | 1.34% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Homer, Indiana
In Homer, 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 Rush 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 Homer, 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 Homer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46146 has both the highest and lowest median tax bills at $675, highlighting the uniformity in tax assessments within the area.
Average Homer Assessed Value
$97,300
Average Rush County Assessed Value
$138,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Homer, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46146 | $20,080 | $64,300 | $97,300 | $139,500 | $198,640 |
Source: Ownwell
Property Tax Bills Across Homer, Indiana
Property tax bills in Homer, located in Rush County, IN, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by local assessors who evaluate the property’s market value. Once the assessed value is established, the local tax rate is applied to compute the tax bill. This rate can vary depending on the specific needs and budget requirements of the community. Homeowners in Homer can expect their property tax bills to fall within a range, influenced by factors such as property size, location, and any applicable exemptions. The 25th percentile tax bill is around $253, while the 75th percentile tax bill reaches $1,174. For those at the higher end, the 90th percentile tax bill can be as much as $1,644. Compared to the national median property tax rate of 0.99%, homeowners in Homer experience a relatively moderate tax burden. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Homer Tax Bill
$675
Average Rush County Tax Bill
$1,215
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Homer, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46146 | $172 | $253 | $675 | $1,174 | $1,644 |
Source: Ownwell