Tipton, Tipton County, Indiana Property Taxes
The median property tax rate in Tipton, Indiana is 0.88%, slightly below the national median of 0.99% and matching the Indiana state median of 0.99%. With the median home value in Tipton, the typical annual property tax bill reaches $1,320, which is lower than the national median of $2,690. Property taxes in Tipton 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 Tipton'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 Tipton 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
Tipton, Tipton County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,348
$1,251
Ownwell’s Tipton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tipton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tipton 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 Tipton, Tipton County, Indiana
Property taxes in Tipton, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tipton is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Tipton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tipton 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 Tipton's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46072 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Tipton 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 Tipton Tax Rate
0.88%
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, Tipton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46072 | 0.50% | 0.64% | 0.88% | 1.00% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Tipton, Tipton County, Indiana
In Tipton, 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. Assessment notices in Tipton 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 Tipton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Tipton, the zip code with the highest median tax bill is 46072, with a tax bill of $1,320. The lowest median tax bill is also in the 46072 zip code, with the same value of $1,320.
Property Tax Assessment Values Across Tipton, Tipton County, Indiana
Source: Ownwell
$91,050
$149,725
$208,400
Average Tipton Assessed Value
$153,200
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, Tipton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46072 | $74,300 | $108,200 | $153,200 | $221,675 | $307,470 |
Source: Ownwell
Property Tax Bills Across Tipton, Tipton County, Indiana
In Tipton, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value, which reflects the market value of the property, is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $153,200, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as property size, location, and improvements can influence the assessed value. In Tipton County, tax bills can range significantly, with the 25th percentile at $910, the 75th percentile at $1,950, and the 90th percentile reaching up to $2,831. The highest and lowest median tax bills in the region both stand at $1,320 within the same zip code, 46072. Compared to the national median property tax rate of 0.99%, Tipton's rates provide a competitive landscape for homeowners, potentially impacting decisions on purchasing and maintaining property in the area.
Average Tipton Tax Bill
$1,320
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, Tipton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46072 | $477 | $910 | $1,320 | $1,950 | $2,831 |
Source: Ownwell