Tipton County, Indiana Property Taxes
The median property tax rate in Tipton County is 0.79%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $150,000 in Tipton County, the typical annual property tax bill is approximately $1,227, significantly less than the national median of $2,690. Property taxes in Tipton County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions such as those for primary residences and agricultural properties. Understanding Tipton County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to substantial annual savings. Whether you live in Tipton or another part of Tipton County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tipton County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,185
$1,100
Ownwell’s Tipton County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Tipton County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Tipton County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property's assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Tipton County, Indiana
Property taxes in Tipton County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Tipton County is 0.79%, which is lower than the Indiana state median and the U.S. national median of 0.99%. Local government entities within Tipton County set these rates annually, and they can vary significantly between different areas within the county. Each year, Tipton County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Hobbs has one of the higher property tax rates in Indiana at 1.41%, while the city of Goldsmith boasts one of the lowest at 0.48%. Analyzing how Tipton County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Tipton County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tipton County, Indiana
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atlanta | 0.43% | 0.63% | 0.73% | 1.02% | 1.48% |
| Elwood | 0.36% | 0.52% | 0.68% | 1.00% | 1.49% |
| Goldsmith | 0.25% | 0.34% | 0.48% | 0.63% | 1.50% |
| Greentown | N/A | N/A | N/A | N/A | N/A |
| Hobbs | 0.38% | 0.46% | 1.41% | 1.57% | 2.99% |
| Kempton | 0.43% | 0.58% | 0.75% | 1.37% | 1.97% |
| Kirklin | 0.53% | 0.64% | 0.86% | 1.32% | 1.51% |
| Kokomo | 0.51% | 0.61% | 0.66% | 0.72% | 0.85% |
| Russiaville | 0.38% | 0.52% | 0.66% | 0.76% | 0.83% |
| Sharpsville | 0.50% | 0.61% | 0.72% | 0.99% | 1.58% |
| Sheridan | N/A | N/A | N/A | N/A | N/A |
| Tipton | 0.50% | 0.64% | 0.88% | 1.00% | 1.80% |
| Windfall | 0.52% | 0.64% | 0.78% | 1.50% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Tipton County, Indiana
In Tipton County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Tipton County Appraisal District. The assessed value, however, 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. Assessment notices in Tipton County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, the highest median tax bill in the county is in Kirklin at $1,773, while the lowest is in Goldsmith at $547. Being aware of these valuation processes in Tipton County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Tipton County Assessed Value
$150,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tipton County, Indiana
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atlanta | $85,160 | $144,000 | $206,950 | $293,200 | $382,700 |
| Elwood | $56,100 | $99,000 | $149,500 | $229,700 | $332,000 |
| Goldsmith | $35,340 | $76,250 | $114,150 | $137,500 | $192,230 |
| Greentown | N/A | N/A | N/A | N/A | N/A |
| Hobbs | $32,040 | $50,950 | $91,050 | $101,425 | $116,640 |
| Kempton | $22,300 | $62,925 | $116,250 | $178,550 | $282,710 |
| Kirklin | $116,240 | $134,900 | $183,550 | $259,825 | $286,810 |
| Kokomo | $145,650 | $169,675 | $208,400 | $245,250 | $292,850 |
| Russiaville | $112,280 | $144,100 | $193,000 | $269,100 | $314,220 |
| Sharpsville | $51,940 | $108,950 | $159,900 | $214,650 | $273,340 |
| Sheridan | N/A | N/A | N/A | N/A | N/A |
| Tipton | $74,300 | $108,200 | $153,200 | $221,675 | $307,470 |
| Windfall | $17,650 | $57,775 | $98,550 | $190,550 | $261,970 |
Source: Ownwell
Property Tax Bills Across Tipton County, Indiana
In Tipton County, Indiana, property tax bills are calculated based on the assessed value of a home, 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 contribute to the final tax bill, including the home's market value, any applicable exemptions, and the specific tax rate set by local jurisdictions. For instance, the median home price in Tipton County is $150,000. Homeowners in the lower 25th percentile can expect tax bills around $739, while those in the 75th percentile face bills near $1,876. At the 90th percentile, tax bills can reach up to $2,753. The highest median tax bill in the county is in Kirklin at $1,773, whereas Goldsmith has the lowest at $547. These property taxes significantly impact homeowners by influencing their overall cost of living and potentially affecting their ability to afford their homes. Compared to the national median property tax rate of 0.99%, Tipton County's rates can vary widely based on individual circumstances and local assessments.
Average Tipton County Tax Bill
$1,227
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Tipton County, Indiana
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atlanta | $346 | $1,021 | $1,691 | $2,494 | $3,673 |
| Elwood | $235 | $541 | $1,112 | $2,024 | $2,937 |
| Goldsmith | $172 | $275 | $547 | $761 | $1,301 |
| Greentown | N/A | N/A | N/A | N/A | N/A |
| Hobbs | $319 | $418 | $590 | $1,307 | $1,607 |
| Kempton | $205 | $459 | $880 | $1,502 | $2,378 |
| Kirklin | $553 | $994 | $1,773 | $2,177 | $2,919 |
| Kokomo | $745 | $1,047 | $1,361 | $1,781 | $2,237 |
| Russiaville | $606 | $682 | $1,307 | $1,862 | $2,306 |
| Sharpsville | $408 | $744 | $1,207 | $1,789 | $2,589 |
| Sheridan | N/A | N/A | N/A | N/A | N/A |
| Tipton | $477 | $910 | $1,320 | $1,950 | $2,831 |
| Windfall | $210 | $457 | $933 | $1,574 | $2,365 |
Source: Ownwell