Elizabeth, Indiana Property Taxes
The median property tax rate in Elizabeth, Indiana is 0.60%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Elizabeth, the typical annual property tax bill reaches $933, well below the national median of $2,690. Property taxes in Elizabeth 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 Elizabeth'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 Elizabeth 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
Elizabeth, 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 Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabeth 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 Elizabeth, Indiana
Property taxes in Elizabeth, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 0.60%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth 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 Elizabeth's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47117 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these values compare with Elizabeth provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabeth Tax Rate
0.60%
Average Harrison County Tax Rate
0.61%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabeth, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47117 | 0.34% | 0.47% | 0.60% | 0.94% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, Indiana
In Elizabeth, 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 Harrison 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 Elizabeth, 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 Elizabeth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47117 has the highest and lowest median tax bill at $933.
Average Elizabeth Assessed Value
$151,250
Average Harrison County Assessed Value
$175,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabeth, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47117 | $41,530 | $93,075 | $151,250 | $223,800 | $296,760 |
Source: Ownwell
Property Tax Bills Across Elizabeth, Indiana
In Elizabeth, located in Harrison County, Indiana, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local government assessors who evaluate various factors such as the property's market value, location, and any improvements made. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Elizabeth, the median home price is $151,250. The property tax bills can vary significantly, with the 25th percentile at $465 and the 75th percentile reaching $1,518. At the 90th percentile, tax bills can go up to $2,233. These variations highlight the impact of different property values and local tax rates on homeowners' finances. Compared to the national median property tax rate of 0.99%, Elizabeth's tax rates can be considered moderate, but they still represent a significant expense for property owners. The highest and lowest median tax bills in the area are both $933, found in the zip code 47117, indicating some consistency within certain parts of the region.
Average Elizabeth Tax Bill
$933
Average Harrison County Tax Bill
$1,112
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabeth, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47117 | $222 | $465 | $933 | $1,518 | $2,233 |
Source: Ownwell