Churubusco, Whitley County, Indiana Property Taxes
The median property tax rate in Churubusco, IN is 0.80%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $165,100 in Churubusco, the typical annual property tax bill comes to $1,464, significantly below the national median of $2,690. Property taxes in Churubusco 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 Churubusco'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 Churubusco 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
Churubusco, Whitley County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,321
$1,226
Ownwell’s Churubusco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Churubusco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Churubusco 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 Churubusco, Whitley County, Indiana
Property taxes in Churubusco, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Churubusco is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Churubusco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Churubusco 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 Churubusco's effective property tax rate to other regions in Indiana and the national median. For comparison, the 46723 zip code has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these figures compare with Churubusco provides valuable insights into the varying tax landscape across Whitley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Churubusco Tax Rate
0.80%
Average Whitley County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Churubusco, Whitley County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46723 | 0.47% | 0.66% | 0.80% | 1.04% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Churubusco, Whitley County, Indiana
In Churubusco, 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 Whitley 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 Churubusco, 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 Churubusco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46723 has the highest and lowest median tax bill at $1,464, offering a clear picture of property tax expectations in the area.
Property Tax Assessment Values Across Churubusco, Whitley County, Indiana
Source: Ownwell
$158,100
$267,350
$376,600
Average Churubusco Assessed Value
$165,100
Average Whitley County Assessed Value
$192,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Churubusco, Whitley County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46723 | $75,640 | $118,700 | $165,100 | $242,700 | $332,340 |
Source: Ownwell
Property Tax Bills Across Churubusco, Whitley County, Indiana
In Churubusco, located in Whitley County, IN, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax obligation. Several factors influence the final tax bill, including the property's market value, assessment ratio, and applicable exemptions. For instance, a property with a median home price of $165,100 can expect varying tax bills depending on specific circumstances. Homeowners in the 25th percentile might see tax bills around $850, while those in the 75th percentile could face bills up to $2,231. At the 90th percentile, tax bills can reach as high as $3,126. The property tax rate in Churubusco is crucial in determining these amounts, and it can significantly impact homeowners' annual financial responsibilities. Compared to the national median property tax rate of 0.99%, the tax rates in Churubusco reflect the local economic and policy environment, influencing how much residents need to budget for property taxes each year.
Average Churubusco Tax Bill
$1,464
Average Whitley County Tax Bill
$1,635
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Churubusco, Whitley County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46723 | $425 | $850 | $1,464 | $2,231 | $3,126 |
Source: Ownwell