Trafalgar, Indiana Property Taxes
The median property tax rate in Trafalgar, IN is 0.42%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Trafalgar at $199,850, the typical annual property tax bill amounts to $907, which is well below the national median of $2,690. Property taxes in Trafalgar 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 Trafalgar'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 Trafalgar or another part of Brown County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Trafalgar, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$839
Ownwell’s Trafalgar Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Trafalgar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trafalgar 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 Trafalgar, Indiana
Property taxes in Trafalgar, Indiana, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Trafalgar is 0.42%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Trafalgar set these rates annually, and they can vary across different neighborhoods. Each year, Trafalgar 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 Trafalgar's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46181 has both the highest and lowest median property tax rate of 0.42%. Understanding how these areas compare with Trafalgar provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Trafalgar Tax Rate
0.42%
Average Brown County Tax Rate
0.43%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trafalgar, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46181 | 0.27% | 0.34% | 0.42% | 0.88% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Trafalgar, Indiana
In Trafalgar, 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 Brown 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 Trafalgar, 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 Trafalgar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46181 has the highest and lowest median tax bill, both at $907.
Average Trafalgar Assessed Value
$199,850
Average Brown County Assessed Value
$234,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Trafalgar, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46181 | $60,870 | $127,825 | $199,850 | $276,850 | $377,630 |
Source: Ownwell
Property Tax Bills Across Trafalgar, Indiana
In Trafalgar, located in Brown County, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $199,850, homeowners can expect a range of property tax bills. The 25th percentile tax bill is around $555, while the 75th percentile reaches up to $1,298. For those in the 90th percentile, the tax bill can be as high as $2,057. Several factors influence these amounts, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The median property tax bill in Trafalgar stands at $907, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can be a financial relief for homeowners, making Trafalgar an attractive location for those looking to manage their property expenses effectively.
Average Trafalgar Tax Bill
$907
Average Brown County Tax Bill
$1,113
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Trafalgar, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46181 | $323 | $555 | $907 | $1,298 | $2,057 |
Source: Ownwell