Sunman, Indiana Property Taxes
The median property tax rate in Sunman, IN is 0.79%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $162,300 in Sunman, the typical annual property tax bill amounts to $1,427, significantly below the national median of $2,690. Property taxes in Sunman are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sunman'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 Sunman or another part of Ripley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sunman, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,282
Ownwell’s Sunman Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Sunman with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Sunman to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making financial planning easier. Interested in seeing trends at a more localized level? Scroll down for detailed neighborhood information. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Sunman, Indiana
Property taxes in Sunman, Indiana, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Sunman is 0.79%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Sunman set these rates annually, and they can vary across different neighborhoods. Each year, Sunman 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 Sunman's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47041 has the same median property tax rate of 0.79%. Understanding how Sunman compares with other areas provides valuable insights into the varying tax landscape across Ripley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sunman Tax Rate
0.79%
Average Ripley County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sunman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47041 | 0.49% | 0.65% | 0.79% | 1.04% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Sunman, Indiana
In Sunman, 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 Ripley County officials 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 Sunman, 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. The median home price in Sunman is $162,300. The tax bill for the 25th percentile is $826, while the 75th percentile sees a tax bill of $2184, and the 90th percentile faces a tax bill of $2904. Notably, the zip code 47041 has both the highest and lowest median tax bill at $1427. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Sunman Assessed Value
$162,300
Average Ripley County Assessed Value
$137,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sunman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47041 | $70,980 | $110,100 | $162,300 | $231,800 | $289,980 |
Source: Ownwell
Property Tax Bills Across Sunman, Indiana
In Sunman, Ripley County, IN, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Sunman, the property tax rate stands out when compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and improvements. For instance, the median home price in Sunman is $162,300. Homeowners at the 25th percentile pay around $826 annually, while those at the 75th percentile see bills closer to $2,184. The top 10% of property tax bills can reach up to $2,904. These taxes fund essential public services like schools, emergency services, and infrastructure. Understanding how these factors affect tax bills helps homeowners budget effectively and ensures they are aware of what contributes to their annual obligations.
Average Sunman Tax Bill
$1,427
Average Ripley County Tax Bill
$1,170
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Sunman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47041 | $428 | $826 | $1,427 | $2,184 | $2,904 |
Source: Ownwell