Monon, Indiana Property Taxes
The median property tax rate in Monon, IN is 0.52%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Monon at $147,850, the typical annual property tax bill amounts to $835, well below the national median of $2,690. Property taxes in Monon are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Monon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Monon or another part of Jasper County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monon, 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 Monon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monon 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 Monon, Indiana
Property taxes in Monon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monon is 0.52%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Monon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monon 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 Monon's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47959 has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Monon provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monon Tax Rate
0.52%
Average Jasper County Tax Rate
0.49%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47959 | 0.31% | 0.39% | 0.52% | 0.78% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Monon, Indiana
In Monon, 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 local 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 Monon, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $835, and the lowest is also $835, both in zip code 47959, reflecting a uniform tax landscape.
Average Monon Assessed Value
$147,850
Average Jasper County Assessed Value
$186,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47959 | $70,030 | $91,750 | $147,850 | $253,750 | $429,160 |
Source: Ownwell
Property Tax Bills Across Monon, Indiana
In Monon, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Monon, the median home price stands at $147,850. The tax bills can vary significantly, with the 25th percentile paying around $439 and those in the 75th percentile paying up to $2,121. Homeowners in the 90th percentile face tax bills as high as $2,420. These variations are influenced by factors such as property location, improvements, and market conditions. Compared to the national median property tax rate of 0.99%, Monon's tax rate can be seen as relatively moderate. This affects homeowners by influencing their overall housing costs and potentially impacting their decisions on property investments and home improvements. Understanding these factors helps homeowners plan better for their financial future and manage their property-related expenses more effectively.
Average Monon Tax Bill
$835
Average Jasper County Tax Bill
$974
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Monon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47959 | $206 | $439 | $835 | $2,121 | $2,420 |
Source: Ownwell