Milford, Indiana Property Taxes
The median property tax rate in Milford, IN is 0.72%, which is lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $211,800 in Milford, the typical annual property tax bill amounts to $1,566, falling below the national median of $2,690. Property taxes in Milford are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Milford'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 Milford or another part of Elkhart County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milford, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,525
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Indiana
Property taxes in Milford, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 0.72%, lower than the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46542 has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Elkhart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
0.72%
Average Elkhart County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46542 | 0.67% | 0.70% | 0.72% | 0.78% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Indiana
In Milford, 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 Elkhart 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 Milford, 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. The median home price in Milford is $211,800, with tax bills ranging from $1,336 at the 25th percentile to $2,370 at the 90th percentile. The highest and lowest median tax bills both stand at $1,566 in the 46542 zip code. 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milford Assessed Value
$211,800
Average Elkhart County Assessed Value
$169,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46542 | $145,080 | $187,400 | $211,800 | $235,700 | $293,320 |
Source: Ownwell
Property Tax Bills Across Milford, Indiana
In Milford, located in Elkhart County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Milford, the median home price is $211,800, and property tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $1,336, while at the 75th percentile, it rises to $1,862. Those in the 90th percentile can expect to pay around $2,370. The highest median tax bill in the area is $1,566, found in the 46542 zip code, which is also the lowest median tax bill recorded, indicating consistent tax rates across the region. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated and the factors that influence them can help in financial planning and managing homeownership costs effectively.
Average Milford Tax Bill
$1,566
Average Elkhart County Tax Bill
$1,809
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46542 | $974 | $1,336 | $1,566 | $1,862 | $2,370 |
Source: Ownwell