Underwood, Scott County, Indiana Property Taxes
The median property tax rate in Underwood, Indiana is 0.91%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $131,850 in Underwood, the typical annual property tax bill amounts to $1,239, which is lower than the national median of $2,690. Property taxes in Underwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Underwood'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 Underwood or another part of Scott County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Underwood, Scott County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,200
$1,113
Ownwell’s Underwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Underwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Underwood 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 Underwood, Scott County, Indiana
Property taxes in Underwood, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Underwood is 0.91%, which is slightly below the U.S. national median of 0.99%. Local government entities within Underwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Underwood 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 Underwood's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47177 zip code has both the highest and lowest median property tax rate in the region, standing at 0.91%. Understanding how these areas compare with Underwood provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Underwood Tax Rate
0.91%
Average Scott County Tax Rate
0.93%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Underwood, Scott County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47177 | 0.60% | 0.77% | 0.91% | 1.35% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Underwood, Scott County, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Underwood, Indiana. 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 Scott County Appraisal District 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 Underwood, 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 example, the median home price in the area is $131,850, with tax bills ranging from $717 at the 25th percentile to $3,048 at the 90th percentile. The highest and lowest median tax bills are both $1,239 in the 47177 zip code. 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 their tax burden.
Property Tax Assessment Values Across Underwood, Scott County, Indiana
Source: Ownwell
$62,800
$104,850
$146,900
Average Underwood Assessed Value
$131,850
Average Scott County Assessed Value
$98,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Underwood, Scott County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47177 | $39,450 | $64,850 | $131,850 | $197,975 | $281,650 |
Source: Ownwell
Property Tax Bills Across Underwood, Scott County, Indiana
In Underwood, located in Scott County, IN, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the market value of the property, local tax rates, and any applicable exemptions or deductions are considered in this calculation. For homeowners, this means that a median home price of $131,850 could result in varying tax bills. The 25th percentile tax bill is around $717, while the 75th percentile reaches $2,055, and the 90th percentile can be as high as $3,048. Comparatively, Scott County's property tax rates can be seen as moderate when considering the national median property tax rate of 0.99%. These tax bills significantly impact homeowners' annual expenses, influencing decisions on home buying, selling, and budgeting. Understanding these factors helps homeowners better anticipate their financial obligations and plan accordingly.
Average Underwood Tax Bill
$1,239
Average Scott County Tax Bill
$1,013
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Underwood, Scott County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47177 | $408 | $717 | $1,239 | $2,055 | $3,048 |
Source: Ownwell