Elwood, Tipton County, Indiana Property Taxes

Name: Property Tax Bills Across Elwood, Tipton County, Indiana
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Elwood, IN effective property tax rate: 0.68%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Elwood, IN home value: $149,500
Median annual Elwood, IN tax bill: $1,112, $1,288 lower than the national median property tax bill of $2,400.

How are property taxes in Tipton County calculated?

Property taxes in Elwood, IN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Elwood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Elwood, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Elwood, Tipton County, Indiana Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.62%

Estimate Property Tax Bill

$986

$915

Ownwell’s Elwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elwood with just two data points.

By entering your property's estimated assessed value, our calculator applies Elwood’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Tipton County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Elwood, Tipton County, Indiana

Local government entities set property tax rates, which can vary significantly within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Elwood in Madison County, Indiana, has an effective property tax rate that reflects these local calculations. When compared to other cities in Indiana, Elwood's rate aligns with the state's median property tax rate of 0.68%, which is notably lower than the national median rate of 1.02%. This makes Elwood an attractive option for property owners looking for lower tax burdens. The highest and lowest median tax rates in Indiana are both at 0.68%, as seen in Tipton County's zip code 46036, indicating a consistent property tax landscape within the state. Elwood's favorable tax rate, combined with Indiana's overall tax structure, offers residents a financial advantage compared to the national average, making it a compelling choice for property investment.

Property Tax Rates Across Elwood, Tipton County, Indiana

Source: Ownwell

0.49%

0.97%

1.45%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Elwood Tax Rate

0.62%

Median Effective Tipton County Tax Rate

0.73%

Median Effective Indiana Tax Rate

1.01%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Elwood, Tipton County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
46036	0.39%	0.49%	0.62%	0.94%	1.45%

Source: Ownwell

Property Tax Assessment Values Across Elwood, Tipton County, Indiana

When examining property taxes in Elwood, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Tipton County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes, or the amount multiplied by your tax rate to get your tax bill.

In Tipton County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Elwood. For example, the median home price in Elwood is $149,500, with tax bills ranging significantly across the county. Zip code 46036 has the highest median home price at $149,500.

Property Tax Assessment Values Across Elwood, Tipton County, Indiana

Source: Ownwell

$96,150

$159,475

$222,800

Median Elwood Market Value

$159,000

Median Tipton County Market Value

$160,600

Median Indiana Market Value

$186,200

Median United States Market Value

$235,294

Property Tax Assessment Values Across Elwood, Tipton County, Indiana

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
46036	$58,560	$107,250	$159,000	$246,850	$367,980

Source: Ownwell

Property Tax Bills Across Elwood, Tipton County, Indiana

In Elwood, Tipton County, Indiana, property tax bills are calculated based on the assessed value of a home. The median home price in Elwood is $149,500. Homeowners in this region face a median property tax bill of $1,112, which is significantly lower than the national median of $2,400. The property tax rate in Elwood is influenced by factors such as local government budgets, school funding needs, and public service requirements. For homeowners, this means that while property taxes are relatively low, they still represent a significant annual expense. The tax bill can range widely, with the 25th percentile at $541 and the 90th percentile reaching $2,937, indicating variability based on property value and exemptions. Ownwell assists homeowners by identifying potential tax exemptions and appealing inaccurate assessments, helping to reduce the financial burden of property taxes. By leveraging expertise in local property tax laws and assessment practices, Ownwell ensures that homeowners pay only what is fair and necessary, potentially saving them hundreds of dollars annually.

Property Tax Bills Across Elwood, Tipton County, Indiana

Source: Ownwell

$553

$1,146

$1,739

Median Elwood Tax Bill

$1,097

Median Tipton County Tax Bill

$1,282

Median Indiana Tax Bill

$1,964

Median United States Tax Bill

$2,400

Property Tax Bills Across Elwood, Tipton County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
46036	$238	$530	$1,097	$2,001	$2,916

Source: Ownwell