Boswell, Indiana Property Taxes
The median property tax rate in Boswell, Indiana is 0.79%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $162,500 in Boswell, the typical annual property tax bill amounts to $1,246, significantly less than the national median of $2,690. Property taxes in Boswell are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Boswell's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in Boswell or another part of Warren County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boswell, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,284
Ownwell’s Boswell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boswell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boswell 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 Boswell, Indiana
Property taxes in Boswell, Indiana, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Boswell is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Boswell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boswell 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 Boswell's effective property tax rate to other areas in Warren County and the national median. For comparison, the 47921 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Boswell provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boswell Tax Rate
0.79%
Average Warren County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boswell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47921 | 0.56% | 0.66% | 0.79% | 1.21% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Boswell, Indiana
In Boswell, 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 Warren 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 Boswell, 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. The median home price in Boswell is $162,500, with tax bills ranging from $765 at the 25th percentile to $3,321 at the 90th percentile. The highest and lowest median tax bills, both at $1,246, are found in zip code 47921. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boswell Assessed Value
$162,500
Average Warren County Assessed Value
$119,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boswell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47921 | $97,460 | $123,050 | $162,500 | $227,550 | $332,700 |
Source: Ownwell
Property Tax Bills Across Boswell, Indiana
In Boswell, located in Warren County, IN, property tax bills are calculated based on the assessed value of the property. The assessment is conducted by local officials who determine the market value of the home. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, the median home price in Boswell is $162,500. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thereby affecting the tax bill. Homeowners in Boswell can expect tax bills ranging from $765 at the 25th percentile to $3,321 at the 90th percentile, with the highest median tax bill in the area being $1,246. This range highlights the variability in tax bills based on property values and local tax rates. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand their local tax obligations, as these can significantly impact annual expenses.
Average Boswell Tax Bill
$1,246
Average Warren County Tax Bill
$1,064
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Boswell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47921 | $431 | $765 | $1,246 | $2,327 | $3,321 |
Source: Ownwell