Connersville, Indiana Property Taxes
The median property tax rate in Connersville, Indiana is 0.78%, lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Connersville at $173,800, the typical annual property tax bill is $1,275, which is below the national median of $2,690. Property taxes in Connersville are calculated based on the tax assessed value, which is generally lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Connersville'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 Connersville 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
Connersville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,356
Ownwell’s Connersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Connersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Connersville 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 Connersville, Indiana
Property taxes in Connersville, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Connersville is 0.78%, lower than the U.S. national median of 0.99%. Local government entities within Connersville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Connersville 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 Connersville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47331 has the highest median property tax rate of 0.78%, while it also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Connersville provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Connersville Tax Rate
0.78%
Average Franklin County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Connersville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | 0.48% | 0.61% | 0.78% | 1.28% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Connersville, Indiana
In Connersville, 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 Franklin County Appraisal District 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 Connersville, 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 Connersville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 47331, with a median tax bill of $1275, the same as the lowest.
Average Connersville Assessed Value
$173,800
Average Franklin County Assessed Value
$167,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Connersville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | $70,200 | $130,400 | $173,800 | $210,150 | $240,100 |
Source: Ownwell
Property Tax Bills Across Connersville, Indiana
In Connersville, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The tax rate, applied to this assessed value, is influenced by various factors including local government budgets, school funding, and public services. Homeowners in Connersville can expect their property tax bills to vary significantly, with the 25th percentile tax bill around $802 and the 75th percentile reaching $1,972. The highest median tax bill in the area is $1,275, which is relatively low compared to the national median property tax rate of 0.99%. For a median home price of $173,800, the property tax bill can substantially impact a homeowner's annual expenses. Understanding these factors is crucial for homeowners to budget effectively and potentially seek exemptions or appeals to manage their tax liabilities better.
Average Connersville Tax Bill
$1,275
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Connersville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | $487 | $802 | $1,275 | $1,972 | $2,588 |
Source: Ownwell