Knox, Indiana Property Taxes
The median property tax rate in Knox, IN is 0.83%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $136,500 in Knox, the typical annual property tax bill is $1,127, falling well below the national median of $2,690. Property taxes in Knox are calculated based on the tax assessed value, which generally is less than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a clear understanding of Knox's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Knox or another part of the city, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Knox, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Knox Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Knox. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Knox to provide an accurate estimate of your property tax bill. This tool is designed to give you a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property's assessed value, determined by the county, is crucial for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Knox, Indiana
Property taxes in Knox, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knox is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Knox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knox 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 Knox's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46534 zip code in Starke County has the same median property tax rate of 0.83%. Understanding how these cities compare with Knox provides valuable insights into the varying tax landscape across Starke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knox Tax Rate
0.83%
Average Starke County Tax Rate
0.83%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knox, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46534 | 0.41% | 0.60% | 0.83% | 1.40% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Knox, Indiana
In Knox, 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 local appraisal district 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 Knox, 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 Knox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Knox are both $1,127, found in the zip code 46534.
Average Knox Assessed Value
$136,500
Average Starke County Assessed Value
$132,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knox, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46534 | $46,340 | $87,300 | $136,500 | $198,200 | $291,880 |
Source: Ownwell
Property Tax Bills Across Knox, Indiana
In Knox, located in Starke County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. For homeowners in Knox, the median home price is $136,500. The property tax bills in Knox vary significantly, with the 25th percentile tax bill at $609 and the 75th percentile at $1,875. For those at the higher end, the 90th percentile tax bill reaches $3,118. These variations depend on several factors, including the home's assessed value, any applicable exemptions, and the specific tax rates set by local authorities. Compared to the national median property tax rate of 0.99%, homeowners in Knox experience a range of tax liabilities that can significantly impact their annual expenses. Understanding these factors can help homeowners better anticipate their property tax obligations and plan their finances accordingly.
Average Knox Tax Bill
$1,127
Average Starke County Tax Bill
$1,097
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Knox, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46534 | $310 | $609 | $1,127 | $1,875 | $3,118 |
Source: Ownwell