Wakarusa, Indiana Property Taxes
The median property tax rate in Wakarusa, IN is 0.75%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $224,950 in Wakarusa, the typical annual property tax bill amounts to $1,740, significantly below the national median of $2,690. Property taxes in Wakarusa are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wakarusa'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 Wakarusa or another part of St. Joseph County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wakarusa, 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 Wakarusa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wakarusa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wakarusa 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 Wakarusa, Indiana
Property taxes in Wakarusa, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wakarusa is 0.75%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Wakarusa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wakarusa 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 Wakarusa's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46573 zip code has the highest median property tax rate of 0.75%, while the 46573 zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Wakarusa provides valuable insights into the varying tax landscape across St. Joseph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wakarusa Tax Rate
0.75%
Average St. Joseph County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wakarusa, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46573 | 0.52% | 0.59% | 0.75% | 0.89% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Wakarusa, Indiana
In Wakarusa, 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 St. Joseph 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 Wakarusa, 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 Wakarusa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wakarusa is $224,950, with the median tax bill in the 25th percentile at $1,222 and in the 75th percentile at $2,412. The highest and lowest median tax bill, both at $1,740, are found in the 46573 zip code.
Average Wakarusa Assessed Value
$224,950
Average St. Joseph County Assessed Value
$157,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wakarusa, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46573 | $141,610 | $189,925 | $224,950 | $300,050 | $373,000 |
Source: Ownwell
Property Tax Bills Across Wakarusa, Indiana
In Wakarusa, located in St. Joseph County, IN, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value, any applicable exemptions, and the local tax rate. For homeowners, this means that fluctuations in property values directly impact their tax obligations. For instance, with a median home price of $224,950, homeowners can expect to pay varying amounts in property taxes. The tax bill at the 25th percentile is around $1,222, while at the 75th percentile, it rises to approximately $2,412. The 90th percentile tax bill can be as high as $3,653. These figures illustrate the range of potential tax burdens, highlighting how assessed values and local rates combine to affect homeowners. Compared to the national median property tax rate of 0.99%, Wakarusa's rates reflect the specific dynamics of the local real estate market and tax policies.
Average Wakarusa Tax Bill
$1,740
Average St. Joseph County Tax Bill
$1,785
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Wakarusa, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46573 | $850 | $1,222 | $1,740 | $2,412 | $3,653 |
Source: Ownwell