Monroeville, Indiana Property Taxes
The median property tax rate in Monroeville, IN is 0.81%, lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Monroeville at $224,500, the typical annual property tax bill is $1,772, which is below the national median of $2,690. Property taxes in Monroeville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Monroeville'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 Monroeville or another part of Adams County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroeville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,818
Ownwell’s Monroeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroeville 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 Monroeville, Indiana
Property taxes in Monroeville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroeville is 0.81%, lower than the U.S. national median of 0.99%. Local government entities within Monroeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroeville 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 Monroeville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46773 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Monroeville provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroeville Tax Rate
0.81%
Average Adams County Tax Rate
0.84%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroeville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46773 | 0.59% | 0.68% | 0.81% | 0.94% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Monroeville, Indiana
In Monroeville, 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 Adams County Assessor's Office 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 Monroeville, 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 Monroeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46773, with a median of $1,772, while the zip code with the lowest median tax bill is also 46773, sharing the same median value.
Average Monroeville Assessed Value
$224,500
Average Adams County Assessed Value
$154,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroeville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46773 | $111,400 | $141,075 | $224,500 | $286,350 | $408,900 |
Source: Ownwell
Property Tax Bills Across Monroeville, Indiana
In Monroeville, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Homeowners then apply the local tax rate to this assessed value to determine their annual property tax bill. For example, with a median home price of $224,500, a homeowner in Monroeville might see a tax bill ranging from $958 at the 25th percentile to $3,972 at the 90th percentile. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. Comparing this to the national median property tax rate of 0.99%, Monroeville's property tax rates can vary significantly. For homeowners, this means that property taxes can represent a substantial portion of their annual expenses, influencing decisions on buying, selling, or renovating properties. The highest and lowest median tax bills in the area are both recorded at $1,772, indicating a relatively narrow range in tax burdens across different neighborhoods.
Average Monroeville Tax Bill
$1,772
Average Adams County Tax Bill
$1,348
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroeville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46773 | $641 | $958 | $1,772 | $2,895 | $3,972 |
Source: Ownwell