Saint Mary Of The Woods, Indiana Property Taxes
The median property tax rate in Saint Mary of the Woods, IN is 0.68%, 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 $90,050 in Saint Mary of the Woods, the typical annual property tax bill amounts to $574, significantly below the national median of $2,690. Property taxes in Saint Mary of the Woods are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding the property tax system in Saint Mary of the Woods, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Saint Mary of the Woods 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
Saint Mary Of The Woods, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$612
-$6,417
Ownwell’s Saint Mary of the Woods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saint Mary of the Woods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saint Mary of the Woods 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 Saint Mary Of The Woods, Indiana
Property taxes in Saint Mary of the Woods, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saint Mary of the Woods is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Saint Mary of the Woods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saint Mary of the Woods 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 Saint Mary of the Woods' effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47876 has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Saint Mary of the Woods provides valuable insights into the varying tax landscape across Vigo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saint Mary Of The Woods Tax Rate
0.68%
Average Vigo County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saint Mary Of The Woods, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47876 | 0.23% | 0.35% | 0.68% | 1.03% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Saint Mary Of The Woods, Indiana
In Saint Mary of the Woods, 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 Vigo 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 Saint Mary of the Woods, 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 Saint Mary of the Woods helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47876 has both the highest and lowest median tax bill, which is $574.
Property Tax Assessment Values Across Saint Mary Of The Woods, Indiana
Source: Ownwell
$60,300
$162,200
$264,100
Average Saint Mary Of The Woods Assessed Value
$90,050
Average Vigo County Assessed Value
$100,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saint Mary Of The Woods, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47876 | $71,500 | $79,175 | $90,050 | $110,675 | $116,300 |
Source: Ownwell
Property Tax Bills Across Saint Mary Of The Woods, Indiana
In Saint Mary of the Woods, property tax bills are calculated based on the assessed value of your home, which is determined by the Vigo County Assessor's office. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine your annual property tax bill. Various factors, such as property size, location, and improvements, can influence the assessed value. For homeowners in Saint Mary of the Woods, the median home price is $90,050. Property tax bills can vary significantly; the 25th percentile tax bill is $269, while the 75th percentile reaches up to $1,196, and the 90th percentile is $1,342. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how their local rates and assessments compare. These property taxes fund essential services like schools, public safety, and infrastructure, directly impacting the quality of life in the community. Therefore, understanding how your property tax bill is calculated can help you better manage your finances and anticipate future expenses.
Average Saint Mary Of The Woods Tax Bill
$574
Average Vigo County Tax Bill
$1,148
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Saint Mary Of The Woods, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47876 | $192 | $269 | $574 | $1,196 | $1,342 |
Source: Ownwell