Tunnelton, Indiana Property Taxes
The median property tax rate in Tunnelton, IN is 1.62%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Tunnelton, the typical annual property tax bill reaches $197, which is significantly lower than the national median of $2,690. Property taxes in Tunnelton 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 Tunnelton'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 Tunnelton or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tunnelton, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$352
Ownwell’s Tunnelton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tunnelton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tunnelton 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 Lawrence County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tunnelton, Indiana
Property taxes in Tunnelton, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tunnelton is 1.62%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Tunnelton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tunnelton 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 Tunnelton's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47467 zip code has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these areas compare with Tunnelton provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tunnelton Tax Rate
1.62%
Average Lawrence County Tax Rate
0.81%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tunnelton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47467 | 0.45% | 0.85% | 1.62% | 1.71% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Tunnelton, Indiana
In Tunnelton, 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 Lawrence 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 Tunnelton, 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 Tunnelton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tunnelton is $21,700, with the highest median tax bill of $197 in the 47467 zip code.
Average Tunnelton Assessed Value
$21,700
Average Lawrence County Assessed Value
$124,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tunnelton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47467 | $4,700 | $9,900 | $21,700 | $40,700 | $56,620 |
Source: Ownwell
Property Tax Bills Across Tunnelton, Indiana
In Tunnelton, property tax bills are calculated based on the assessed value of your home, which is determined by the Lawrence County assessor's office. This assessed value takes into account various factors such as the home's market value, location, and any improvements made to the property. The property tax rate in Tunnelton is applied to this assessed value to determine the annual tax bill. For homeowners in Tunnelton, the median home price is $21,700. Property tax bills can vary significantly, with the 25th percentile tax bill being $158 and the 75th percentile reaching $312. At the 90th percentile, homeowners might see a tax bill as high as $530. These figures indicate that while some homeowners may pay relatively low property taxes, others could face higher amounts depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Tunnelton's property tax bills reflect the region's economic conditions and housing market, impacting homeowners' financial responsibilities accordingly.
Average Tunnelton Tax Bill
$197
Average Lawrence County Tax Bill
$1,042
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Tunnelton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47467 | $77 | $158 | $197 | $312 | $530 |
Source: Ownwell