Marion, Indiana Property Taxes
The median property tax rate in Marion, IN is 0.64%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Marion, the typical annual property tax bill reaches $1,263, which is well below the national median of $2,690. Property taxes in Marion are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Marion'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 Marion 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
Marion, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,251
Ownwell’s Marion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marion 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 Marion, Indiana
Property taxes in Marion, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion is 0.87%, which is higher than the Indiana state median of 0.76% but still below the U.S. national median of 0.99%. Local government entities within Marion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion 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 Marion's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in Indiana is 1.17% in Hamilton County, while the lowest median tax rate is 0.40% in Crawford County. Understanding how these counties compare with Marion provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marion Tax Rate
0.64%
Average Wabash County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46952 | 0.60% | 0.61% | 0.64% | 0.67% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Marion, Indiana
In Marion, 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 assessment 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 Marion, 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 Marion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Marion is $195,400, with the highest median tax bill in zip code 46952 at $1,263. The lowest median tax bill is also in zip code 46952, showing a consistent tax landscape within the area.
Average Marion Assessed Value
$195,400
Average Wabash County Assessed Value
$126,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marion, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46952 | $178,520 | $184,850 | $195,400 | $205,950 | $212,280 |
Source: Ownwell
Property Tax Bills Across Marion, Indiana
In Marion, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is based on the market value of the home, which in Marion, with a median home price of $195,400, can vary significantly. Local authorities then apply the tax rate to this assessed value to calculate the annual tax bill. For homeowners in Marion, tax bills can range widely. The 25th percentile tax bill is $1,140, while the 75th percentile tax bill is $1,386, and at the 90th percentile, homeowners can expect to pay around $1,460. These figures indicate that property taxes in Marion are relatively moderate compared to the national median property tax rate of 0.99%. Factors such as property improvements, changes in market conditions, and local government budget requirements can influence the assessed value and, consequently, the tax bill. Homeowners need to be aware of these variables as they can significantly impact their annual expenses.
Average Marion Tax Bill
$1,263
Average Wabash County Tax Bill
$952
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46952 | $1,067 | $1,140 | $1,263 | $1,386 | $1,460 |
Source: Ownwell