Servia, Indiana Property Taxes
The median property tax rate in Servia, IN is 0.98%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Servia at $60,350, the typical annual property tax bill reaches $314, significantly lower than the national median of $2,690. Property taxes in Servia 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 Servia'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 Servia or another part of Wabash County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Servia, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$591
Ownwell’s Servia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Servia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Servia 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 Servia, Indiana
Property taxes in Servia, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Servia is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Servia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Servia 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 Servia's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46980 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Servia provides valuable insights into the varying tax landscape across Wabash County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Servia Tax Rate
0.98%
Average Wabash County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Servia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46980 | 0.24% | 0.28% | 0.98% | 1.34% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Servia, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Servia, Indiana. 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 Wabash 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 Servia, 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. The median home price in Servia is $60,350, with tax bills ranging from $187 at the 25th percentile to $966 at the 90th percentile. The highest and lowest median tax bills, both at $314, are found in zip code 46980. Being aware of these valuation processes in Servia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Servia Assessed Value
$60,350
Average Wabash County Assessed Value
$126,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Servia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46980 | $23,250 | $36,100 | $60,350 | $74,925 | $81,050 |
Source: Ownwell
Property Tax Bills Across Servia, Indiana
In Servia, Wabash County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate applied to this assessed value is influenced by various factors, including local government budgets and public service funding needs. For homeowners in Servia, the median home price stands at $60,350. Property tax bills can vary significantly, with the 25th percentile tax bill at $187 and the 75th percentile tax bill at $670. At the 90th percentile, homeowners might see tax bills as high as $966. The highest and lowest median tax bills in the area are both $314, associated with the zip code 46980. Compared to the national median property tax rate of 0.99%, homeowners in Servia experience a range of tax obligations that can have a substantial impact on their annual expenses. Understanding these factors helps homeowners better anticipate their financial commitments and plan accordingly.
Average Servia Tax Bill
$314
Average Wabash County Tax Bill
$952
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Servia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46980 | $78 | $187 | $314 | $670 | $966 |
Source: Ownwell