Winamac, Indiana Property Taxes
The median property tax rate in Winamac, IN is 0.88%, 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 Winamac at $179,700, the typical annual property tax bill reaches $1,903, significantly below the national median of $2,690. Property taxes in Winamac 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 Winamac'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 Winamac 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
Winamac, 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 WINAMAC Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WINAMAC with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WINAMAC 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 Winamac, Indiana
Property taxes in Winamac, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winamac is 0.88%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Winamac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winamac 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 Winamac's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46996 in Winamac has the same median property tax rate of 0.88%. Understanding how these cities compare with Winamac provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winamac Tax Rate
0.88%
Average Starke County Tax Rate
0.83%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winamac, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46996 | 0.54% | 0.77% | 0.88% | 1.21% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Winamac, Indiana
In Winamac, 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 Starke 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 Winamac, 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 Winamac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46996 has the highest and lowest median tax bills, both at $1,903, which is below the national median property tax rate of 0.99%.
Average Winamac Assessed Value
$179,700
Average Starke County Assessed Value
$132,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winamac, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46996 | $54,900 | $123,750 | $179,700 | $233,725 | $309,970 |
Source: Ownwell
Property Tax Bills Across Winamac, Indiana
In Winamac, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence this calculation, including the property's market value, location, and any applicable exemptions or deductions. For homeowners in Winamac, the median home price is $179,700. Property tax bills can vary significantly, with the 25th percentile bill at $713 and the 75th percentile reaching $2,609. At the 90th percentile, tax bills can go up to $2,720. These figures indicate that while some homeowners may pay relatively low taxes, others could face significantly higher bills depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, the tax rates in Winamac can have a notable impact on homeowners' annual expenses. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate their property tax obligations.
Average Winamac Tax Bill
$1,903
Average Starke County Tax Bill
$1,097
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Winamac, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46996 | $287 | $713 | $1,903 | $2,609 | $2,720 |
Source: Ownwell