Modoc, Indiana Property Taxes
The median property tax rate in Modoc, Indiana is 1.12%, notably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Modoc at $177,900, the typical annual property tax bill reaches $2,345, which is below the national median of $2,690. Property taxes in Modoc 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 Modoc'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 Modoc 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
Modoc, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,992
Ownwell’s Modoc Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Modoc with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Modoc 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 Modoc, Indiana
Property taxes in Modoc, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Modoc is 1.12%, which is higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Modoc set these rates annually, and they can vary significantly across different neighborhoods. Each year, Modoc 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 Modoc's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47358 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Modoc 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 Modoc Tax Rate
1.12%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Modoc, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47358 | 0.87% | 0.97% | 1.12% | 1.31% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Modoc, Indiana
In Modoc, 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 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 Modoc, 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 Modoc helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,345, found in zip code 47358.
Average Modoc Assessed Value
$177,900
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 Modoc, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47358 | $114,020 | $142,325 | $177,900 | $248,350 | $313,020 |
Source: Ownwell
Property Tax Bills Across Modoc, Indiana
In Modoc, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. Once the assessed value is established, the local tax rate, which is set by various taxing authorities such as school districts and municipal governments, is applied to it. Several factors influence the final tax bill, including property improvements, exemptions, and local government budgets. For example, a median home price in Modoc is $177,900. Homeowners in the 25th percentile of tax bills pay around $1,299, while those in the 75th percentile see bills closer to $3,313. At the 90th percentile, tax bills can go up to $4,674, indicating significant variability based on property value and applicable exemptions. These property taxes are crucial for funding local services such as schools, roads, and emergency services, directly impacting the quality of life in the community. Homeowners must budget for these taxes as part of their annual housing costs.
Average Modoc Tax Bill
$2,345
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Modoc, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47358 | $1,069 | $1,299 | $2,345 | $3,313 | $4,674 |
Source: Ownwell