Carbon, Indiana Property Taxes
The median property tax rate in Carbon, IN is 0.46%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Carbon at $55,250, the typical annual property tax bill reaches $214, which is significantly less than the national median of $2,690. Property taxes in Carbon are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Carbon'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 Carbon or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carbon, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$254
Ownwell’s Carbon Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Carbon. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Carbon to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Carbon, Indiana
Property taxes in Carbon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carbon is 0.46%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Carbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carbon 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 Carbon's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47837 has both the highest and lowest median property tax rate of 0.46%. Understanding how these cities compare with Carbon provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carbon Tax Rate
0.46%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carbon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47837 | 0.21% | 0.27% | 0.46% | 0.97% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Carbon, Indiana
In Carbon, 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 Clay 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 Carbon, 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 Carbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $214 in the 47837 zip code, while the lowest median tax bill is also $214 in the same zip code.
Average Carbon Assessed Value
$55,250
Average Clay County Assessed Value
$81,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carbon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47837 | $11,650 | $33,900 | $55,250 | $97,800 | $154,250 |
Source: Ownwell
Property Tax Bills Across Carbon, Indiana
In the city of Carbon in Clay County, IN, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local assessors who evaluate the property's market value and apply the appropriate assessment ratio. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Homeowners in Carbon experience a range of property tax bills, with the 25th percentile at $124 and the 75th percentile at $508, while the 90th percentile reaches $903. These figures indicate that property tax bills can vary significantly based on the value and characteristics of the property. The median home price in Carbon is $55,250, which influences the overall tax burden. Compared to the national median property tax rate of 0.99%, Carbon's property tax rates can be relatively manageable, but they still represent a notable expense for homeowners. Understanding how these factors interplay can help homeowners in Carbon better anticipate and manage their annual property tax obligations.
Average Carbon Tax Bill
$214
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Carbon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47837 | $72 | $124 | $214 | $508 | $903 |
Source: Ownwell