Monon, Indiana Property Taxes
The median property tax rate in Monon, Indiana is 0.65%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Monon at $214,000, the typical annual property tax bill is $1,777, which is below the national median of $2,690. Property taxes in Monon are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Monon'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 Monon 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
Monon, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,391
Ownwell’s Monon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monon 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 Monon, Indiana
Property taxes in Monon, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Monon is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Monon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monon 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 Monon's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47959 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Monon provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monon Tax Rate
0.65%
Average Pulaski County Tax Rate
0.66%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47959 | 0.40% | 0.45% | 0.65% | 0.86% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Monon, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monon, 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 Pulaski 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 Monon, 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. For instance, the median home price in Monon is $214,000, with tax bills ranging from $444 at the 25th percentile to $2,653 at the 90th percentile. 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 Monon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monon Assessed Value
$214,000
Average Pulaski County Assessed Value
$99,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47959 | $78,730 | $106,300 | $214,000 | $277,575 | $298,680 |
Source: Ownwell
Property Tax Bills Across Monon, Indiana
In Monon, Pulaski County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate is then applied to this assessed value to generate the tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners, this means that a higher assessed value will result in a higher tax bill. The median home price in Monon is $214,000, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $444, while the 75th percentile reaches $2,160. At the 90th percentile, homeowners can expect to pay around $2,653. These figures highlight the range of property tax burdens that homeowners in Monon may face, depending on their property's assessed value. Given that the national median property tax rate is 0.99%, homeowners in Monon can compare their rates to this benchmark to understand how their tax bills align with national trends.
Average Monon Tax Bill
$1,777
Average Pulaski County Tax Bill
$631
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Monon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47959 | $262 | $444 | $1,777 | $2,160 | $2,653 |
Source: Ownwell