Centerville, Indiana Property Taxes
The median property tax rate in Centerville, IN is 1.04%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Centerville at $118,000, the typical annual property tax bill reaches $1,338, surpassing the national median of $2,690. Property taxes in Centerville 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 Centerville'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 Centerville 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
Centerville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,227
Ownwell’s Centerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Centerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Centerville 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 Centerville, Indiana
Property taxes in Centerville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Centerville is 1.04%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Centerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Centerville 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 Centerville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47330 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Centerville provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Centerville Tax Rate
1.04%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Centerville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47330 | 0.70% | 0.94% | 1.04% | 1.48% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Centerville, Indiana
In Centerville, 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 Wayne 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 Centerville, 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 Centerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47330 has the highest and lowest median tax bill of $1,338.
Average Centerville Assessed Value
$118,000
Average Wayne County Assessed Value
$92,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Centerville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47330 | $58,160 | $80,250 | $118,000 | $169,550 | $244,900 |
Source: Ownwell
Property Tax Bills Across Centerville, Indiana
In Centerville, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the property's market value. For homeowners in Centerville, Wayne County, the median home price is $118,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the home's location, size, and any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is $873, while at the 75th percentile, it rises to $2055. The 90th percentile sees tax bills as high as $3330. This variation highlights the impact of property value and assessment accuracy on tax obligations. Compared to the national median property tax rate of 0.99%, Centerville's tax bills reflect the local economic conditions and property values. Homeowners must budget for these taxes, as they directly affect the cost of owning property in the area.
Average Centerville Tax Bill
$1,338
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Centerville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47330 | $504 | $873 | $1,338 | $2,055 | $3,330 |
Source: Ownwell