Williamsburg, Indiana Property Taxes
The median property tax rate in Williamsburg, IN is 1.13%, which is considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Williamsburg at $126,300, the typical annual property tax bill reaches $1,425, exceeding the national median of $2,690. Property taxes in Williamsburg 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 Williamsburg'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 Williamsburg 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
Williamsburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,427
Ownwell’s Williamsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsburg 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 Williamsburg, Indiana
Property taxes in Williamsburg, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsburg is 1.13%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Williamsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsburg 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 Williamsburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47393 zip code has both the highest and lowest median property tax rate of 1.13%. Understanding how these cities compare with Williamsburg 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 Williamsburg Tax Rate
1.13%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47393 | 0.54% | 0.82% | 1.13% | 1.77% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Williamsburg, Indiana
In Williamsburg, 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 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 Williamsburg, 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. Williamsburg has a median home price of $126,300. The median tax bill varies significantly, with the 25th percentile at $701 and the 75th percentile at $2,679. The zip code 47393 has the highest median tax bill at $1,425, which is lower than the national median property tax rate of 0.99%. 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 Williamsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Williamsburg Assessed Value
$126,300
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 Williamsburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47393 | $51,420 | $79,250 | $126,300 | $198,150 | $318,780 |
Source: Ownwell
Property Tax Bills Across Williamsburg, Indiana
In Williamsburg, located in Wayne County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. These assessors evaluate the market value of properties and then apply an assessment ratio to arrive at the assessed value. The tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Williamsburg can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $701, while the 75th percentile tax bill is $2,679, and the 90th percentile tax bill reaches $5,461. The median home price in the area is $126,300, which can give homeowners an idea of what to expect. Compared to the national median property tax rate of 0.99%, Williamsburg's property tax bills reflect a range of financial impacts on homeowners, influenced by both the assessed value of their homes and the local tax rate.
Average Williamsburg Tax Bill
$1,425
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47393 | $363 | $701 | $1,425 | $2,679 | $5,461 |
Source: Ownwell