Depauw, Indiana Property Taxes
The median property tax rate in Depauw, Indiana is 1.30%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Depauw at $184,450, the typical annual property tax bill reaches $2,551, which is below the national median of $2,690. Property taxes in Depauw 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 Depauw'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 Depauw 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
Depauw, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,398
Ownwell’s Depauw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Depauw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Depauw 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 Depauw, Indiana
Property taxes in Depauw, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Depauw is 1.30%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Depauw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Depauw 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 Depauw's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47115 zip code has the highest median property tax rate of 1.30%, while the 47115 zip code has the lowest median tax rate of 1.30%. Understanding how these cities compare with Depauw provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Depauw Tax Rate
1.30%
Average Washington County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Depauw, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47115 | 1.02% | 1.12% | 1.30% | 1.48% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Depauw, Indiana
In Depauw, 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 Washington 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 Depauw, 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 Depauw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Depauw is $2,551 in the 47115 zip code, while the lowest median tax bill is also $2,551 in the same zip code.
Average Depauw Assessed Value
$184,450
Average Washington County Assessed Value
$111,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Depauw, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47115 | $149,690 | $162,725 | $184,450 | $206,175 | $219,210 |
Source: Ownwell
Property Tax Bills Across Depauw, Indiana
In Depauw, Washington County, IN, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by the county assessor. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Factors such as property improvements, neighborhood trends, and market conditions can influence the assessed value. Homeowners in Depauw typically see tax bills ranging from $1,942 at the 25th percentile to $3,160 at the 75th percentile, with the highest median tax bill recorded at $2,551 in the 47115 zip code. Compared to the national median property tax rate of 0.99%, Depauw's rates are competitive, offering a balanced approach to funding public services while maintaining affordability for homeowners. This system ensures that property taxes are fairly distributed based on the value of each property, directly impacting the financial obligations of homeowners in the area.
Average Depauw Tax Bill
$2,551
Average Washington County Tax Bill
$1,080
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Depauw, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47115 | $1,576 | $1,942 | $2,551 | $3,160 | $3,526 |
Source: Ownwell