Russiaville, Indiana Property Taxes
The median property tax rate in Russiaville, IN is 0.66%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Russiaville being $193,000, the typical annual property tax bill is approximately $1,307, significantly below the national median of $2,690. Property taxes in Russiaville 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 Russiaville'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 Russiaville or another part of Tipton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Russiaville, 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 Russiaville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russiaville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russiaville 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 Russiaville, Indiana
Property taxes in Russiaville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russiaville is 0.66%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Russiaville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russiaville 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 Russiaville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46979 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Russiaville 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 Russiaville Tax Rate
0.66%
Average Tipton County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russiaville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46979 | 0.38% | 0.52% | 0.66% | 0.76% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Russiaville, Indiana
In Russiaville, 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’s Office 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 Russiaville, 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 Russiaville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Russiaville is $193,000, with tax bills ranging from $682 at the 25th percentile to $2,306 at the 90th percentile. The zip code with the highest median tax bill is 46979, standing at $1,307.
Average Russiaville Assessed Value
$193,000
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 Russiaville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46979 | $112,280 | $144,100 | $193,000 | $269,100 | $314,220 |
Source: Ownwell
Property Tax Bills Across Russiaville, Indiana
In Russiaville, Tipton County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Russiaville is $193,000. Homeowners can expect their tax bills to fall within a range, with the 25th percentile tax bill at $682 and the 75th percentile reaching $1,862. For those at the higher end of the spectrum, the 90th percentile tax bill is $2,306. Several factors influence the final tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. These elements combine to determine the financial obligation of homeowners. Compared to the national median property tax rate of 0.99%, Tipton County's rates can vary but offer a comprehensive look at how local assessments impact individual tax bills. Understanding these factors can help homeowners better anticipate their annual property tax expenses and plan accordingly.
Average Russiaville Tax Bill
$1,307
Average Tipton County Tax Bill
$1,227
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Russiaville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46979 | $606 | $682 | $1,307 | $1,862 | $2,306 |
Source: Ownwell