Goldsmith, Tipton County, Indiana Property Taxes
The median property tax rate in Goldsmith, Indiana is 0.48%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Goldsmith at $114,150, the typical annual property tax bill is $547, well below the national median of $2,690. Property taxes in Goldsmith are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Goldsmith'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 Goldsmith or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Goldsmith, Tipton County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$548
$508
Ownwell’s Goldsmith Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goldsmith with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goldsmith 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 Goldsmith, Tipton County, Indiana
Property taxes in Goldsmith, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goldsmith is 0.48%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Goldsmith set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goldsmith 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 Goldsmith's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46045 zip code has the highest median property tax rate of 0.48%, while the 46045 zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Goldsmith provides valuable insights into the varying tax landscape across Tipton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goldsmith Tax Rate
0.48%
Average Tipton County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goldsmith, Tipton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46045 | 0.25% | 0.34% | 0.48% | 0.63% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Goldsmith, Tipton County, Indiana
In Goldsmith, 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 Tipton 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 Goldsmith, 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 instance, the median home price in Goldsmith is $114,150, with the 25th percentile tax bill at $275 and the 75th percentile tax bill at $761. The highest median tax bill is $547 in the 46045 zip code. 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 Goldsmith helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Goldsmith, Tipton County, Indiana
Source: Ownwell
$91,050
$149,725
$208,400
Average Goldsmith Assessed Value
$114,150
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 Goldsmith, Tipton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46045 | $35,340 | $76,250 | $114,150 | $137,500 | $192,230 |
Source: Ownwell
Property Tax Bills Across Goldsmith, Tipton County, Indiana
In Goldsmith, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which for Goldsmith is influenced by factors such as location, property size, and home condition. For instance, with a median home price of $114,150, the tax bill can vary significantly. Homeowners at the 25th percentile might pay around $275, while those at the 75th percentile could see bills closer to $761. At the higher end, the 90th percentile tax bill reaches approximately $1301. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Goldsmith’s property tax implications can be substantial for homeowners, influencing their overall cost of living. The highest and lowest median tax bills in the area are both $547, which indicates some consistency in tax assessments within certain neighborhoods, particularly in the 46045 zip code.
Average Goldsmith Tax Bill
$547
Average Tipton County Tax Bill
$1,227
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Goldsmith, Tipton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46045 | $172 | $275 | $547 | $761 | $1,301 |
Source: Ownwell