Shepardsville, Indiana Property Taxes
The median property tax rate in Shepardsville, IN is 0.88%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Shepardsville at $89,900, the typical annual property tax bill comes to $654, significantly less than the national median of $2,690. Property taxes in Shepardsville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Shepardsville'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 Shepardsville 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
Shepardsville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$791
-$8,291
Ownwell’s Shepardsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shepardsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shepardsville 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 Shepardsville, Indiana
Property taxes in Shepardsville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shepardsville is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Shepardsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shepardsville 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 Shepardsville's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47880 has both the highest and lowest median property tax rate in the region at 0.88%. Understanding how these areas compare with Shepardsville 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 Shepardsville Tax Rate
0.88%
Average Vigo County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shepardsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47880 | 0.45% | 0.72% | 0.88% | 1.08% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Shepardsville, Indiana
In Shepardsville, 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 Shepardsville, 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 Shepardsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 47880, with a value of $654.
Average Shepardsville Assessed Value
$89,900
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 Shepardsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47880 | $17,600 | $71,900 | $89,900 | $107,700 | $122,700 |
Source: Ownwell
Property Tax Bills Across Shepardsville, Indiana
In Shepardsville, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Shepardsville is $89,900, and property tax rates in the area can vary, but the median property tax bill stands at $654. This is significantly lower than the national median property tax rate of 0.99%. Several factors influence the total tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in the 25th percentile are about $463, while those in the 75th percentile reach up to $1,138. For homeowners, this means that property taxes can represent a substantial portion of annual expenses, affecting the overall affordability of owning a home. It’s crucial for homeowners to understand these factors, as they can impact financial planning and long-term investment in property.
Average Shepardsville Tax Bill
$654
Average Vigo County Tax Bill
$1,148
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Shepardsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47880 | $56 | $463 | $654 | $1,138 | $1,487 |
Source: Ownwell