Richmond, Wayne County, Indiana Property Taxes

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

Median Richmond, IN effective property tax rate: 1.02%, matching the national median of 1.02%, but slightly higher than the Indiana state median of 0.99%.
Median Richmond, IN home value: $83,500
Median annual Richmond, IN tax bill: $975, $1,425 lower than the national median property tax bill of $2,400.

How are property taxes in Wayne County calculated?

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

Last Updated March 1, 2025

Richmond, Wayne County, Indiana Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.02%

Estimate Property Tax Bill

$852

$790

Ownwell’s Richmond Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, our calculator applies Richmond’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 Wayne County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Richmond, Wayne County, Indiana

Local government entities set tax rates, and these can vary widely within Indiana. Each year, Wayne County estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in establishing tax rates and budgets, this is the annual process in a nutshell. Richmond, located in Wayne County, shares the same effective property tax rate as the national median, which is 1.02%. This places Richmond in line with the average property tax rate across the United States, making it neither the highest nor the lowest in Indiana. The consistency of the tax rate in Richmond can offer predictability for homeowners and potential buyers looking to understand their financial commitments. Comparing Richmond's effective property tax rate to other cities in Indiana and the national median provides valuable insight into the local tax landscape, helping residents and investors make informed decisions.

Property Tax Rates Across Richmond, Wayne County, Indiana

Source: Ownwell

0.74%

1.27%

1.79%

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 Richmond Tax Rate

1.02%

Median Effective Wayne County Tax Rate

1.04%

Median Effective Indiana Tax Rate

0.99%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Richmond, Wayne County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
47374	0.70%	0.95%	1.02%	1.99%	2.04%

Source: Ownwell

Property Tax Assessment Values Across Richmond, Wayne County, Indiana

When examining property taxes in Richmond, 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 Wayne County Assessor 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 Wayne County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Richmond.

For example, the median home price in Richmond is $83,500, with tax bills ranging significantly across the county. Zip code 47374 has the highest median home price at $83,500.

Property Tax Assessment Values Across Richmond, Wayne County, Indiana

Source: Ownwell

$63,700

$141,450

$219,200

Median Richmond Market Value

$83,500

Median Wayne County Market Value

$92,200

Median Indiana Market Value

$170,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Richmond, Wayne County, Indiana

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
47374	$28,740	$47,600	$83,500	$132,450	$192,800

Source: Ownwell

Property Tax Bills Across Richmond, Wayne County, Indiana

In Richmond, Wayne County, IN, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in Richmond is $83,500, which is significantly lower than the national median. Homeowners in Richmond can expect a median property tax bill of $975, which is below the national median of $2,400. Factors influencing the tax bill include the property's assessed value and applicable exemptions. The 25th percentile tax bill is $594, while the 75th percentile reaches $1,539, with the 90th percentile climbing to $2,356, highlighting the range of tax liabilities homeowners may face. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. By analyzing property assessments and market data, Ownwell can help ensure homeowners are not overpaying on their property taxes. This service can lead to substantial savings, offering peace of mind and financial relief to homeowners in Richmond.

Property Tax Bills Across Richmond, Wayne County, Indiana

Source: Ownwell

$490

$1,738

$2,986

Median Richmond Tax Bill

$975

Median Wayne County Tax Bill

$1,053

Median Indiana Tax Bill

$1,691

Median United States Tax Bill

$2,400

Property Tax Bills Across Richmond, Wayne County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
47374	$358	$594	$975	$1,539	$2,356

Source: Ownwell