Elizabethtown, Indiana Property Taxes
The median property tax rate in Elizabethtown, IN is 0.79%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Elizabethtown at $169,900, the typical annual property tax bill amounts to $1,375, significantly below the national median of $2,690. Property taxes in Elizabethtown are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Elizabethtown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elizabethtown or another part of Bartholomew County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elizabethtown, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Elizabethtown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabethtown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabethtown 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 Bartholomew County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Elizabethtown, Indiana
Property taxes in Elizabethtown, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabethtown is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Elizabethtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabethtown 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 Elizabethtown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47232 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Elizabethtown provides valuable insights into the varying tax landscape across Bartholomew County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabethtown Tax Rate
0.79%
Average Bartholomew County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabethtown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47232 | 0.44% | 0.63% | 0.79% | 0.93% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Elizabethtown, Indiana
In Elizabethtown, 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 Bartholomew 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 Elizabethtown, 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 Elizabethtown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 47232, with a median tax bill of $1,375.
Average Elizabethtown Assessed Value
$169,900
Average Bartholomew County Assessed Value
$193,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabethtown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47232 | $70,060 | $115,750 | $169,900 | $248,000 | $339,600 |
Source: Ownwell
Property Tax Bills Across Elizabethtown, Indiana
In Elizabethtown, Bartholomew County, IN, property tax bills are determined by assessing the market value of the home and applying the local tax rate. For instance, the median home price in Elizabethtown is $169,900. Homeowners can expect varying tax bills based on their property's assessed value and specific circumstances. At the 25th percentile, the tax bill is around $795, while at the 75th percentile, it reaches approximately $2,196. For those in the 90th percentile, the tax bill can be as high as $3,387. The highest and lowest median tax bills in the area are both reported at $1,375 in the 47232 zip code. These figures highlight the variability in property tax bills within the region. Compared to the national median property tax rate of 0.99%, Elizabethtown homeowners may find their tax bills to be relatively moderate or high, depending on their specific property assessments. This variability significantly impacts homeowners, influencing their annual financial planning and long-term investment decisions.
Average Elizabethtown Tax Bill
$1,375
Average Bartholomew County Tax Bill
$2,070
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabethtown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47232 | $429 | $795 | $1,375 | $2,196 | $3,387 |
Source: Ownwell