Mount Summit, Indiana Property Taxes
The median property tax rate in Mount Summit, IN is 0.90%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Mount Summit, the typical annual property tax bill reaches $745, significantly lower than the national median of $2,690. Property taxes in Mount Summit 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 Mount Summit'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 Mount Summit 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
Mount Summit, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$820
Ownwell’s MOUNT SUMMIT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT SUMMIT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT SUMMIT 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 Mount Summit, Indiana
Property taxes in Mount Summit, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Summit is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Mount Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Summit 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 Mount Summit's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47361 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Mount Summit provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Summit Tax Rate
0.90%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Summit, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47361 | 0.52% | 0.68% | 0.90% | 1.72% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Mount Summit, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mount Summit, Indiana. 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 Henry 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 Mount Summit, 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 Mount Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mount Summit is $91,100, with the 25th percentile tax bill at $505 and the 75th percentile at $1,121. The highest and lowest median tax bills are both $745 in zip code 47361.
Average Mount Summit Assessed Value
$91,100
Average Henry County Assessed Value
$106,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Summit, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47361 | $34,200 | $57,350 | $91,100 | $123,800 | $153,890 |
Source: Ownwell
Property Tax Bills Across Mount Summit, Indiana
In Mount Summit, located in Henry County, IN, property tax bills are calculated based on the assessed value of a home. This value is determined by the county assessor and reflects the market value of the property. Homeowners in Mount Summit can expect a median home price of $91,100. The property tax rate in this region is then applied to the assessed value to determine the tax bill. For homeowners in Mount Summit, the 25th percentile tax bill is $505, while the 75th percentile tax bill is $1,121, and the 90th percentile tax bill reaches up to $1,610. Compared to the national median property tax rate of 0.99%, these values provide a clear picture of how local property taxes can vary. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value and, subsequently, the tax bill. Understanding these elements is crucial for homeowners to anticipate their property tax obligations and manage their finances effectively.
Average Mount Summit Tax Bill
$745
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Summit, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47361 | $372 | $505 | $745 | $1,121 | $1,610 |
Source: Ownwell