Mariah Hill, Indiana Property Taxes
The median property tax rate in Mariah Hill, IN is 0.60%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Mariah Hill, the typical annual property tax bill reaches $160, well below the national median of $2,690. Property taxes in Mariah Hill are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mariah Hill'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 Mariah Hill or another part of Spencer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mariah Hill, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$118
Ownwell’s Mariah Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mariah Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mariah Hill 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 Mariah Hill, Indiana
Property taxes in Mariah Hill, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mariah Hill is 0.60%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Mariah Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mariah Hill 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 Mariah Hill's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47556 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Mariah Hill provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mariah Hill Tax Rate
0.60%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mariah Hill, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47556 | 0.43% | 0.56% | 0.60% | 1.00% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Mariah Hill, Indiana
In Mariah Hill, 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 Spencer 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 Mariah Hill, 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 Mariah Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 47556, standing at $160.00, which is also the lowest median tax bill in the area.
Average Mariah Hill Assessed Value
$19,700
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mariah Hill, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47556 | $9,600 | $15,100 | $19,700 | $59,450 | $76,600 |
Source: Ownwell
Property Tax Bills Across Mariah Hill, Indiana
In Mariah Hill, located in Spencer County, IN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the property's market value and then apply a state-specific assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Mariah Hill, the median home price is $19,700. Property tax bills vary significantly within the area, with the 25th percentile at $102 and the 75th percentile reaching $359. At the 90th percentile, tax bills can go as high as $708. These figures highlight the range of property tax obligations homeowners may face, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Spencer County's tax rates can be more manageable, providing some relief to homeowners. However, the tax bill still represents a significant annual expense that must be budgeted for carefully.
Average Mariah Hill Tax Bill
$160
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mariah Hill, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47556 | $60 | $102 | $160 | $359 | $708 |
Source: Ownwell