Rochester, Indiana Property Taxes
The median property tax rate in Rochester, IN is 0.87%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Rochester at $175,800, the typical annual property tax bill is $1,453, which is below the national median of $2,690. Property taxes in Rochester are calculated based on the assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Rochester'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 Rochester or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rochester, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,529
Ownwell’s Rochester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rochester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rochester 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 Rochester, Indiana
Property taxes in Rochester, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rochester is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Rochester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rochester 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 Rochester's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46975 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Rochester provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rochester Tax Rate
0.87%
Average Marshall County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rochester, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46975 | 0.77% | 0.81% | 0.87% | 1.09% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Rochester, Indiana
In Rochester, 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 Marshall 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 Rochester, 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 Rochester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rochester is $175,800, with tax bills ranging from $1,091 at the 25th percentile to $4,407 at the 90th percentile. The zip code with the highest and lowest median tax bill is 46975, with a median tax bill of $1,453.
Average Rochester Assessed Value
$175,800
Average Marshall County Assessed Value
$139,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rochester, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46975 | $114,000 | $128,800 | $175,800 | $231,100 | $486,660 |
Source: Ownwell
Property Tax Bills Across Rochester, Indiana
In Rochester, located in Marshall County, Indiana, property tax bills are determined based on the assessed value of the property, which is typically a percentage of the market value. Homeowners in Rochester experience a median home price of $175,800. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the tax bill for homes in the 25th percentile is around $1,091, while those in the 75th percentile pay approximately $2,002. At the higher end, the 90th percentile tax bill can reach up to $4,407. Compared to the national median property tax rate of 0.99%, homeowners in Rochester may find their tax bills relatively reasonable, given the local real estate market conditions. These property taxes fund essential public services, such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Rochester Tax Bill
$1,453
Average Marshall County Tax Bill
$1,216
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Rochester, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46975 | $1,023 | $1,091 | $1,453 | $2,002 | $4,407 |
Source: Ownwell