Millersburg, Indiana Property Taxes
The median property tax rate in Millersburg, IN is 0.93%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Millersburg at $196,800, the typical annual property tax bill is approximately $1,859, which is below the national median of $2,690. Property taxes in Millersburg 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 Millersburg'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 Millersburg or another part of Elkhart County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millersburg, 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 Millersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millersburg 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 Millersburg, Indiana
Property taxes in Millersburg, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millersburg is 0.93%, which is below the U.S. national median of 0.99%. Local government entities within Millersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millersburg 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 Millersburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46543 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Millersburg 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 Millersburg Tax Rate
0.93%
Average Elkhart County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46543 | 0.70% | 0.81% | 0.93% | 1.02% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Millersburg, Indiana
In Millersburg, 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 Millersburg, 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 Millersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,859, found in the 46543 zip code.
Average Millersburg Assessed Value
$196,800
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 Millersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46543 | $88,340 | $128,400 | $196,800 | $300,700 | $430,060 |
Source: Ownwell
Property Tax Bills Across Millersburg, Indiana
In Millersburg, located in Elkhart County, IN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor's office and reflects the market value of your property. Once the assessed value is established, it is multiplied by the local tax rate to determine your annual property tax bill. For example, with a median home price of $196,800, homeowners in Millersburg can expect their property tax bills to vary. The 25th percentile tax bill is around $1,232, while the 75th percentile tax bill is approximately $2,814. At the higher end, the 90th percentile tax bill can reach up to $4,151. These tax bills can significantly impact homeowners, influencing their overall cost of living and potentially affecting decisions related to homeownership. Compared to the national median property tax rate of 0.99%, these figures provide a clear picture of how property taxes in Millersburg stand in relation to the broader national context.
Average Millersburg Tax Bill
$1,859
Average Elkhart County Tax Bill
$1,809
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Millersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46543 | $668 | $1,232 | $1,859 | $2,814 | $4,151 |
Source: Ownwell