Markleville, Indiana Property Taxes
The median property tax rate in Markleville, IN is 0.98%, slightly below the national median of 0.99% and matching the Indiana state median rate. With a median home value of $115,400 in Markleville, the typical annual property tax bill amounts to $1,229, which is significantly lower than the national median of $2,690. Property taxes in Markleville are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Markleville'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 Markleville or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Markleville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,131
Ownwell’s Markleville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Markleville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Markleville 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 Markleville, Indiana
Property taxes in Markleville, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Markleville is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Markleville set these rates annually, and they can vary across different neighborhoods. Each year, Markleville 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 Markleville's effective property tax rate to other areas in Madison County and the national median. For comparison, the 46056 zip code has the highest median property tax rate of 0.98%, while the same zip code also has the lowest median tax rate of 0.98%. Understanding how these areas compare with Markleville provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Markleville Tax Rate
0.98%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Markleville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46056 | 0.53% | 0.75% | 0.98% | 1.45% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Markleville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Markleville, Indiana. 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 Madison 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 Markleville, 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 Markleville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 46056, both at $1,229.
Average Markleville Assessed Value
$115,400
Average Madison County Assessed Value
$92,550
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Markleville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46056 | $43,620 | $78,300 | $115,400 | $165,250 | $235,400 |
Source: Ownwell
Property Tax Bills Across Markleville, Indiana
In Markleville, property tax bills are calculated based on the assessed value of a property, which is determined by the Madison County Assessor's office. This assessed value is a percentage of the property's market value, reflecting what the property might sell for under current market conditions. The property tax rate in Markleville is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any improvements made. For instance, a home with a median price of $115,400 can expect a tax bill ranging from $605 at the 25th percentile to $3,003 at the 90th percentile. The highest median tax bill in the area is $1,229, which is relatively modest compared to the national median property tax rate of 0.99%. For homeowners, these taxes fund essential local services such as schools, public safety, and infrastructure. Therefore, understanding how property taxes are calculated can help homeowners better anticipate their financial responsibilities and plan accordingly.
Average Markleville Tax Bill
$1,229
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Markleville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46056 | $304 | $605 | $1,229 | $1,964 | $3,003 |
Source: Ownwell