Alamo, Indiana Property Taxes
The median property tax rate in Alamo, IN is 1.96%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Alamo, the typical annual property tax bill reaches $367, which is significantly lower than the national median of $2,690. Property taxes in Alamo 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 Alamo'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 Alamo 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
Alamo, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$804
Ownwell’s Alamo Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Alamo with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alamo to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more granular insights, additional localized information is available. Your property’s assessed value is determined by Montgomery County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Alamo, Indiana
Property taxes in Alamo, Indiana, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Alamo is 1.96%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Alamo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alamo 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 Alamo's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47916 zip code has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Alamo provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alamo Tax Rate
1.96%
Average Montgomery County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alamo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47916 | 0.47% | 0.61% | 1.96% | 2.02% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Alamo, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Alamo, 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 Montgomery 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 Alamo, 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. The median home price in Alamo is $41,000, with tax bills ranging from $196 at the 25th percentile to $1,118 at the 90th percentile. Notably, the zip code 47916 has both the highest and lowest median tax bill at $367. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Alamo Assessed Value
$41,000
Average Montgomery County Assessed Value
$158,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alamo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47916 | $6,460 | $17,850 | $41,000 | $57,500 | $79,340 |
Source: Ownwell
Property Tax Bills Across Alamo, Indiana
In Alamo, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The median home price in Alamo is $41,000. Property tax rates in this region are influenced by various factors, including the assessed value of the property, local government budgets, and specific tax levies for schools, infrastructure, and public services. Homeowners in Alamo can expect their tax bills to vary widely. The 25th percentile tax bill is $196, while the 75th percentile tax bill reaches $602, and the 90th percentile tax bill can be as high as $1,118. The highest and lowest median tax bills in the area are both $367, specifically in the 47916 zip code. Compared to the national median property tax rate of 0.99%, Alamo's property tax rates can significantly impact homeowners, especially those with properties at higher assessed values. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Alamo Tax Bill
$367
Average Montgomery County Tax Bill
$1,357
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Alamo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47916 | $104 | $196 | $367 | $602 | $1,118 |
Source: Ownwell