Monrovia, Indiana Property Taxes
The median property tax rate in Monrovia, Indiana is 0.58%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Monrovia at $237,000, the typical annual property tax bill reaches $1,403, significantly below the national median of $2,690. Property taxes in Monrovia 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 Monrovia'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 Monrovia 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
Monrovia, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,375
Ownwell’s Monrovia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monrovia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monrovia 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 Monrovia, Indiana
Property taxes in Monrovia, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monrovia is 0.58%, lower than the U.S. national median of 0.99%. Local government entities within Monrovia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monrovia 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 Monrovia's effective property tax rate to other areas in Morgan County and the national median. For comparison, the 46157 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Monrovia provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monrovia Tax Rate
0.58%
Average Morgan County Tax Rate
0.54%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monrovia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46157 | 0.38% | 0.51% | 0.58% | 0.74% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Monrovia, Indiana
In Monrovia, 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 Morgan County Assessor's Office 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 Monrovia, 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 Monrovia 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 46157, with a median tax bill of $1403.
Average Monrovia Assessed Value
$237,000
Average Morgan County Assessed Value
$228,450
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monrovia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46157 | $110,640 | $171,500 | $237,000 | $299,300 | $406,980 |
Source: Ownwell
Property Tax Bills Across Monrovia, Indiana
Property tax bills in Monrovia, located in Morgan County, Indiana, are calculated based on the assessed value of a property. The local tax rate is applied to this value to determine the annual tax bill. For instance, with a median home price of $237,000, the tax bill can vary significantly. Homeowners in the 25th percentile pay approximately $937, while those in the 75th percentile face bills around $2,058. The 90th percentile sees tax bills reaching up to $2,949. Several factors influence these variations, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Monrovia's tax rates reflect the region's specific economic and legislative environment. For homeowners, understanding these factors is crucial, as property taxes impact overall housing affordability and long-term financial planning. Whether you're a new buyer or a long-term resident, staying informed about local property tax trends can help you better manage your financial obligations.
Average Monrovia Tax Bill
$1,403
Average Morgan County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Monrovia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46157 | $522 | $937 | $1,403 | $2,058 | $2,949 |
Source: Ownwell