Knightstown, Indiana Property Taxes
The median property tax rate in Knightstown, IN is 0.86%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Knightstown at $230,100, the typical annual property tax bill amounts to $1,977, which is lower than the national median of $2,690. Property taxes in Knightstown are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Knightstown'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 Knightstown 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
Knightstown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,979
Ownwell’s Knightstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knightstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knightstown 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 Knightstown, Indiana
Property taxes in Knightstown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knightstown is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Knightstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knightstown 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 Knightstown's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46148 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Knightstown provides valuable insights into the varying tax landscape across Rush County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knightstown Tax Rate
0.86%
Average Rush County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knightstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46148 | 0.50% | 0.68% | 0.86% | 1.03% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Knightstown, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Knightstown, 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 Rush 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 Knightstown, 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 Knightstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46148 has both the highest and lowest median tax bill, valued at $1,977, which is below the national median property tax rate of 0.99%.
Average Knightstown Assessed Value
$230,100
Average Rush County Assessed Value
$138,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knightstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46148 | $118,760 | $167,050 | $230,100 | $285,650 | $381,220 |
Source: Ownwell
Property Tax Bills Across Knightstown, Indiana
In Knightstown, located in Rush County, IN, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is established by the county assessor and reflects the market value of the home. Homeowners in Knightstown can expect their tax bill to vary significantly depending on their property's value. For instance, the median home price in Knightstown is $230,100. At the 25th percentile, homeowners might see a tax bill around $1,215, while those in the 75th percentile could face a bill up to $2,753. The 90th percentile tax bill can go as high as $3,945. Comparatively, Knightstown's property tax rates are influenced by local levies and the need to fund public services such as schools, infrastructure, and emergency services. This means that while Knightstown's tax bills may seem high, they ensure the community benefits from essential services. For homeowners, understanding these factors is crucial in anticipating annual tax obligations and planning their finances accordingly.
Average Knightstown Tax Bill
$1,977
Average Rush County Tax Bill
$1,215
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Knightstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46148 | $625 | $1,215 | $1,977 | $2,753 | $3,945 |
Source: Ownwell