Terre Haute, Indiana Property Taxes
The median property tax rate in Terre Haute, IN is 1.00%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $101,400 in Terre Haute, the typical annual property tax bill reaches $1,170, which is below the national median of $2,690. Property taxes in Terre Haute are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Terre Haute'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 Terre Haute 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
Terre Haute, 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 Terre Haute Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terre Haute with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terre Haute 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 Terre Haute, Indiana
Property taxes in Terre Haute, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terre Haute is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Terre Haute set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terre Haute 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 Terre Haute's effective property tax rate to other areas in Vigo County and the national median. For comparison, the 47807 zip code has the highest median property tax rate of 1.99%, while the 47805 zip code has the lowest median tax rate of 0.95%. Understanding how these areas compare with Terre Haute 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 Terre Haute Tax Rate
1.00%
Average Vigo County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47802 | 0.64% | 0.90% | 0.99% | 1.63% | 2.16% |
| 47803 | 0.78% | 0.97% | 1.01% | 1.25% | 2.15% |
| 47804 | 0.71% | 0.95% | 1.04% | 2.02% | 2.19% |
| 47805 | 0.50% | 0.73% | 0.95% | 1.11% | 2.05% |
| 47807 | 0.87% | 0.98% | 1.99% | 2.16% | 2.83% |
| 47808 | 1.19% | 1.19% | 1.19% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Terre Haute, Indiana
In Terre Haute, 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'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 Terre Haute, 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 Terre Haute helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Terre Haute is $1,670 in the 47808 zip code, while the lowest median tax bill is $889 in the 47804 zip code.
Average Terre Haute Assessed Value
$101,400
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 Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47802 | $50,200 | $79,000 | $122,700 | $188,900 | $280,500 |
| 47803 | $53,800 | $80,200 | $115,400 | $174,875 | $254,610 |
| 47804 | $35,800 | $51,825 | $73,000 | $95,800 | $121,300 |
| 47805 | $51,100 | $83,900 | $122,300 | $173,800 | $239,050 |
| 47807 | $27,900 | $42,000 | $60,300 | $81,900 | $106,240 |
| 47808 | $140,200 | $140,200 | $140,200 | $140,200 | $140,200 |
Source: Ownwell
Property Tax Bills Across Terre Haute, Indiana
In Terre Haute, located in Vigo County, IN, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, home size, and improvements can influence the assessed value. For instance, the median home price in Terre Haute is $101,400, and homeowners can expect varying tax bills depending on their property's specifics. Homeowners in the 25th percentile pay around $751, while those in the 75th percentile see bills closer to $1,872. The highest median tax bill in the area is $1,670 in the 47808 zip code, whereas the lowest is $889 in the 47804 zip code. These variations highlight the importance of understanding how local assessments and rates impact individual tax obligations. Compared to the national median property tax rate of 0.99%, Terre Haute's rates can significantly affect homeowners' annual expenses.
Average Terre Haute Tax Bill
$1,170
Average Vigo County Tax Bill
$1,148
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Terre Haute, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47802 | $495 | $835 | $1,359 | $2,157 | $3,261 |
| 47803 | $586 | $865 | $1,323 | $2,010 | $2,984 |
| 47804 | $369 | $629 | $889 | $1,256 | $1,752 |
| 47805 | $349 | $684 | $1,143 | $1,809 | $2,688 |
| 47807 | $427 | $617 | $892 | $1,386 | $2,091 |
| 47808 | $1,670 | $1,670 | $1,670 | $1,670 | $1,670 |
Source: Ownwell