Wabash, Indiana Property Taxes
The median property tax rate in Wabash, IN is 0.82%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $119,300 in Wabash, the typical annual property tax bill is $970, falling below the national median of $2,690. Property taxes in Wabash are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Wabash'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 Wabash 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
Wabash, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$978
Ownwell’s Wabash Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wabash with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wabash 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 Wabash, Indiana
Property taxes in Wabash, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wabash is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Wabash set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wabash 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 Wabash's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46992 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Wabash 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 Wabash Tax Rate
0.82%
Average Wabash County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wabash, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46992 | 0.32% | 0.48% | 0.82% | 0.97% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Wabash, Indiana
In Wabash, 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 local authorities 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 Wabash, 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 Wabash helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Wabash, the median home price is $119,300. The zip code with the highest and lowest median tax bill is 46992, both at $970. The 25th percentile tax bill is $555, while the 75th percentile is $1,448, and the 90th percentile reaches $2,071.
Average Wabash Assessed Value
$119,300
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 Wabash, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46992 | $54,600 | $79,400 | $119,300 | $182,375 | $260,630 |
Source: Ownwell
Property Tax Bills Across Wabash, Indiana
Property tax bills in Wabash, IN, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. Factors such as property location, size, and market conditions play a significant role in determining the assessed value. For instance, the median home price in Wabash is $119,300. Homeowners in Wabash can expect their tax bills to vary widely. At the 25th percentile, tax bills are around $555, while those at the 75th percentile can reach $1,448. The highest tax bills, at the 90th percentile, can go up to $2,071. The median tax bill across the county stands at $970, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life for homeowners in the area.
Average Wabash Tax Bill
$970
Average Wabash County Tax Bill
$952
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Wabash, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46992 | $316 | $555 | $970 | $1,448 | $2,071 |
Source: Ownwell