Urbana, Indiana Property Taxes
The median property tax rate in Urbana, IN is 0.52%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Urbana at $167,700, the typical annual property tax bill reaches $906, well below the national median of $2,690. Property taxes in Urbana 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 Urbana'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 Urbana 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
Urbana, 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 Urbana Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Urbana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Urbana 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 Urbana, Indiana
Property taxes in Urbana, Indiana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Urbana is 0.52%, which is lower than both the Indiana state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Urbana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Urbana 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 Urbana's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46990 zip code has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Urbana 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 Urbana Tax Rate
0.52%
Average Wabash County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Urbana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46990 | 0.24% | 0.41% | 0.52% | 0.80% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Urbana, Indiana
In Urbana, 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 local county appraisal district 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 Urbana, 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. In Urbana, the median home price is $167,700, with tax bills ranging from $448 at the 25th percentile to $2,994 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 46990, with a median tax bill of $906. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Urbana Assessed Value
$167,700
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 Urbana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46990 | $54,040 | $94,000 | $167,700 | $260,000 | $395,100 |
Source: Ownwell
Property Tax Bills Across Urbana, Indiana
In Urbana, homeowners' property tax bills are calculated based on the assessed value of their properties. The assessed value is determined by local assessors who evaluate the market value of the property and then apply a specific assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thus affecting the tax bill. For homeowners in Urbana, the property tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $448, while at the 75th percentile, it rises to around $1,645. Those in the 90th percentile could see tax bills as high as $2,994. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding local taxes. Homeowners need to be aware of these factors, as they directly impact their annual expenses and overall financial planning.
Average Urbana Tax Bill
$906
Average Wabash County Tax Bill
$952
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Urbana, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46990 | $177 | $448 | $906 | $1,645 | $2,994 |
Source: Ownwell