Hillsdale, Indiana Property Taxes
The median property tax rate in Hillsdale, IN is 1.06%, slightly above both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Hillsdale at $105,150, the typical annual property tax bill reaches $1,096, which is below the national median of $2,690. Property taxes in Hillsdale are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hillsdale'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 Hillsdale or another part of Vermillion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillsdale, 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 Hillsdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsdale 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 Hillsdale, Indiana
Property taxes in Hillsdale, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsdale is 0.76%, which is lower than both the Indiana state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Hillsdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsdale 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 Hillsdale's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47854 zip code has the highest median property tax rate of 0.76%, while the same 47854 zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with Hillsdale provides valuable insights into the varying tax landscape across Vermillion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsdale Tax Rate
1.06%
Average Vermillion County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47854 | 0.53% | 0.78% | 1.06% | 1.67% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Hillsdale, Indiana
In Hillsdale, 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 Vermillion 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 Hillsdale, 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 Hillsdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $105,150, with the highest and lowest median tax bills both being $1,096 in zip code 47854.
Average Hillsdale Assessed Value
$105,150
Average Vermillion County Assessed Value
$78,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47854 | $21,600 | $52,075 | $105,150 | $169,375 | $247,900 |
Source: Ownwell
Property Tax Bills Across Hillsdale, Indiana
In Hillsdale, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. The assessed value typically reflects a percentage of the property's market value. For instance, with a median home price of $105,150, the property tax rate in Hillsdale is significantly influenced by this assessed value. The tax bill itself is influenced by several factors, including the local tax rate and any applicable exemptions or deductions. For homeowners, this means that the amount owed can vary widely. In Hillsdale, the tax bill for the 25th percentile of homes is around $451, while for the 75th percentile, it rises to $2,061. At the 90th percentile, homeowners could see bills as high as $3,188. Comparatively, the national median property tax rate is 0.99%, positioning Hillsdale's rates as relatively moderate. These property tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thus directly affecting the community's quality of life.
Average Hillsdale Tax Bill
$1,096
Average Vermillion County Tax Bill
$864
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47854 | $216 | $451 | $1,096 | $2,061 | $3,188 |
Source: Ownwell