Somerset, Indiana Property Taxes
The median property tax rate in Somerset, IN is 0.37%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Somerset, the typical annual property tax bill is $549, well below the national median of $2,690. Property taxes in Somerset are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Somerset'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 Somerset 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
Somerset, 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 Somerset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerset 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 Somerset, Indiana
Property taxes in Somerset, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerset is 0.37%, which is significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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 Somerset's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in Indiana is found in some areas with rates significantly above Somerset's 0.37%, while other areas have rates that are much lower. Understanding how these cities compare with Somerset 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 Somerset Tax Rate
0.37%
Average Wabash County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerset, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46984 | 0.20% | 0.28% | 0.37% | 0.43% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Indiana
In Somerset, 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 Wabash 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. 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. For instance, in Somerset, the median home price is $150,100. Tax bills can vary significantly, with the 25th percentile tax bill at $338 and the 90th percentile tax bill reaching $963. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Somerset Assessed Value
$150,100
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 Somerset, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46984 | $94,180 | $114,700 | $150,100 | $177,800 | $205,300 |
Source: Ownwell
Property Tax Bills Across Somerset, Indiana
In Somerset, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Homeowners in Somerset, Wabash County, can expect a median property tax bill of $549.00, which is relatively lower than the national median property tax rate of 0.99%. Factors that influence the tax bill include the home's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. For instance, homes in Somerset with a median home price of $150,100 see varied tax bills. At the 25th percentile, the tax bill is about $338, while at the 75th percentile, it rises to $754. The highest tax bills, at the 90th percentile, can reach up to $963. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Somerset.
Average Somerset Tax Bill
$549
Average Wabash County Tax Bill
$952
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerset, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46984 | $209 | $338 | $549 | $754 | $963 |
Source: Ownwell