Geneva, Wells County, Indiana Property Taxes
The median property tax rate in Geneva, IN is 0.43%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Geneva at $209,300, the typical annual property tax bill reaches $974, well below the national median of $2,690. Property taxes in Geneva 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 Geneva'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 Geneva 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
Geneva, Wells County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$900
$835
Ownwell’s Geneva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneva 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 Geneva, Wells County, Indiana
Property taxes in Geneva, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Geneva is 0.43%, which is significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Geneva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneva 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 Geneva's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46740 zip code has the highest median property tax rate of 0.43%, while the 46740 zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Geneva provides valuable insights into the varying tax landscape across Wells County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneva Tax Rate
0.43%
Average Wells County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneva, Wells County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46740 | 0.34% | 0.36% | 0.43% | 0.61% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Geneva, Wells County, Indiana
In Geneva, 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 Wells 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 Geneva, 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 Geneva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Geneva, the median home price is $209,300, with tax bills ranging from $629 at the 25th percentile to $2,020 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 46740, with a tax bill of $974.
Property Tax Assessment Values Across Geneva, Wells County, Indiana
Source: Ownwell
$76,900
$173,750
$270,600
Average Geneva Assessed Value
$209,300
Average Wells County Assessed Value
$188,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geneva, Wells County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46740 | $132,890 | $164,625 | $209,300 | $241,250 | $374,950 |
Source: Ownwell
Property Tax Bills Across Geneva, Wells County, Indiana
In Geneva, located in Wells County, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Geneva is $209,300. Homeowners can expect their property tax bill to vary significantly depending on where their home falls within the assessed value range. For example, the tax bill at the 25th percentile is $629, while at the 75th percentile, it rises to $1,659, and at the 90th percentile, it reaches $2,020. The tax rate applied to the assessed value is influenced by local government budgets, school funding needs, and other municipal services. In comparison, the national median property tax rate is 0.99%, which can help homeowners gauge how Geneva’s rates stack up against broader trends. The highest and lowest median tax bills in the area are both $974, occurring in the same zip code, 46740, indicating some uniformity in tax assessments within that locality. Understanding these factors helps homeowners anticipate their annual financial obligations.
Average Geneva Tax Bill
$974
Average Wells County Tax Bill
$1,092
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneva, Wells County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46740 | $525 | $629 | $974 | $1,659 | $2,020 |
Source: Ownwell