Bicknell, Indiana Property Taxes
The median property tax rate in Bicknell, IN is 0.97%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bicknell at $48,400, the typical annual property tax bill reaches $525, which is significantly less than the national median of $2,690. Property taxes in Bicknell 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. Understanding Bicknell'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 Bicknell or another part of Knox County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bicknell, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$469
Ownwell’s Bicknell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bicknell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bicknell 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 Bicknell, Indiana
Property taxes in Bicknell, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bicknell is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Bicknell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bicknell 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 Bicknell's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47512 has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Bicknell provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bicknell Tax Rate
0.97%
Average Knox County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bicknell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47512 | 0.39% | 0.67% | 0.97% | 1.82% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Bicknell, Indiana
In Bicknell, 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 Knox 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 Bicknell, 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 Bicknell 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 $525 in the 47512 zip code, while the lowest is also $525 in the same zip code.
Average Bicknell Assessed Value
$48,400
Average Knox County Assessed Value
$96,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bicknell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47512 | $13,180 | $29,100 | $48,400 | $82,700 | $158,180 |
Source: Ownwell
Property Tax Bills Across Bicknell, Indiana
In Bicknell, Knox County, IN, 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. Homeowners in Bicknell face a median property tax rate of 1.08%, slightly above the national median of 0.99%. For a home with a median market value of $48,400, this translates to an annual tax bill of approximately $525. Factors influencing the tax bill include property size, location, and any applicable exemptions or deductions. Homeowners in the 25th percentile can expect a tax bill around $304, while those in the 75th percentile might see a bill closer to $851. At the higher end, the 90th percentile tax bill reaches about $1,298. These property taxes contribute to local services such as schools, infrastructure, and public safety, directly impacting the community's quality of life.
Average Bicknell Tax Bill
$525
Average Knox County Tax Bill
$903
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bicknell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47512 | $135 | $304 | $525 | $851 | $1,298 |
Source: Ownwell