Hatfield, Indiana Property Taxes
The median property tax rate in Hatfield, IN is 1.34%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Hatfield, the typical annual property tax bill reaches $400, significantly lower than the national median of $2,690. Property taxes in Hatfield 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 Hatfield'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 Hatfield or another part of Spencer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hatfield, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$458
Ownwell’s Hatfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hatfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hatfield 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 Hatfield, Indiana
Property taxes in Hatfield, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hatfield is 0.75%, lower than both the Indiana state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Hatfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hatfield 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 Hatfield's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47617 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Hatfield provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hatfield Tax Rate
1.34%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hatfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47617 | 0.35% | 0.49% | 1.34% | 2.16% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Hatfield, Indiana
In Hatfield, 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 Spencer 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 Hatfield, 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 Hatfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $400.00 in zip code 47617, while the lowest median tax bill is also $400.00 in the same zip code.
Average Hatfield Assessed Value
$34,200
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hatfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47617 | $9,990 | $20,025 | $34,200 | $63,925 | $101,950 |
Source: Ownwell
Property Tax Bills Across Hatfield, Indiana
In Hatfield, property tax bills are determined based on the assessed value of a home, which is then multiplied by the local tax rate set by Spencer County. With a median home price of $34,200, homeowners can expect their tax bills to vary significantly depending on where their home's value falls within the range. For instance, the 25th percentile tax bill is around $73, while those in the 75th percentile pay approximately $770. Homeowners at the 90th percentile face tax bills as high as $851. Several factors influence these variations, including property size, location, and any applicable exemptions. These tax bills can significantly impact homeowners' finances, making it crucial to understand how these factors play a role in the overall calculation. Compared to the national median property tax rate of 0.99%, the tax burdens in Hatfield can seem relatively low, but they still represent a considerable expense for local residents. Understanding these dynamics helps homeowners better manage their financial planning and property investments.
Average Hatfield Tax Bill
$400
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hatfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47617 | $68 | $73 | $400 | $770 | $851 |
Source: Ownwell