Elizabethtown, Indiana Property Taxes
The median property tax rate in Elizabethtown, IN is 0.79%, which is lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $156,500 in Elizabethtown, the typical annual property tax bill amounts to $1,183, significantly below the national median of $2,690. Property taxes in Elizabethtown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Elizabethtown'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 Elizabethtown or elsewhere in Jennings County, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Elizabethtown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,236
Ownwell’s Elizabethtown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabethtown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabethtown 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 Elizabethtown, Indiana
Property taxes in Elizabethtown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabethtown is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Elizabethtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabethtown 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 Elizabethtown's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47232 in Jennings County has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Elizabethtown 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 Elizabethtown Tax Rate
0.79%
Average Jennings County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabethtown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47232 | 0.52% | 0.65% | 0.79% | 1.00% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Elizabethtown, Indiana
In Elizabethtown, 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 Jennings 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 Elizabethtown, 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 Elizabethtown 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 $1183 in zip code 47232, while the lowest median tax bill is also $1183 in the same zip code.
Average Elizabethtown Assessed Value
$156,500
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 Elizabethtown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47232 | $36,390 | $111,050 | $156,500 | $212,725 | $278,670 |
Source: Ownwell
Property Tax Bills Across Elizabethtown, Indiana
In Elizabethtown, property tax bills are calculated based on the assessed value of a home, which is determined by county assessors. The assessed value takes into account factors like the home's market value, location, and any improvements or renovations. Homeowners in Elizabethtown, located in Jennings County, typically see property tax bills that vary widely. For instance, the 25th percentile tax bill is around $714, while the 75th percentile tax bill rises to approximately $2,017. At the 90th percentile, homeowners might pay up to $2,740 annually. The median home price in Elizabethtown is $156,500, which influences the overall tax bill. Compared to the national median property tax rate of 0.99%, Elizabethtown's property taxes can be relatively moderate or high, depending on the specific assessed value and exemptions applied. This variability in tax bills can significantly impact homeowners, affecting their annual budgeting and long-term financial planning.
Average Elizabethtown Tax Bill
$1,183
Average Jennings County Tax Bill
$904
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabethtown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47232 | $365 | $714 | $1,183 | $2,017 | $2,740 |
Source: Ownwell