Commiskey, Indiana Property Taxes
The median property tax rate in Commiskey, IN is 0.82%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value in Commiskey of $123,150, the typical annual property tax bill is $950, significantly below the national median of $2,690. Property taxes in Commiskey are calculated based on the assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Commiskey'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 Commiskey or another part of Jennings County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Commiskey, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,010
Ownwell’s Commiskey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Commiskey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Commiskey 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 Commiskey, Indiana
Property taxes in Commiskey, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Commiskey is 0.82%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Commiskey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Commiskey 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 Commiskey's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47227 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Commiskey provides valuable insights into the varying tax landscape across Jennings County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Commiskey Tax Rate
0.82%
Average Jennings County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Commiskey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47227 | 0.40% | 0.61% | 0.82% | 1.40% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Commiskey, Indiana
In Commiskey, 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 Commiskey, 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 Commiskey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Jennings County are both $950.00, found in the 47227 zip code, reflecting a relatively uniform tax environment.
Average Commiskey Assessed Value
$123,150
Average Jennings County Assessed Value
$107,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Commiskey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47227 | $41,150 | $81,250 | $123,150 | $169,175 | $222,740 |
Source: Ownwell
Property Tax Bills Across Commiskey, Indiana
In Commiskey, located in Jennings County, IN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local assessor's office, which evaluates the property's market value and then applies an assessment ratio to arrive at the taxable value. Homeowners in Commiskey experience property tax rates that can significantly affect their annual expenses. For instance, the median home price in the area is $123,150, and property tax bills can range widely. The 25th percentile tax bill is around $544, while the 75th percentile reaches up to $1,660, and the 90th percentile can be as high as $2,737. These figures indicate how property taxes can vary depending on the home's assessed value and other local factors. Compared to the national median property tax rate of 0.99%, Commiskey's rates reflect both the economic conditions and the local government's funding requirements. For homeowners, understanding these factors is crucial for financial planning and property investment decisions.
Average Commiskey Tax Bill
$950
Average Jennings County Tax Bill
$904
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Commiskey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47227 | $293 | $544 | $950 | $1,660 | $2,737 |
Source: Ownwell