Milltown, Indiana Property Taxes
The median property tax rate in Milltown, IN is 1.51%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Milltown at $161,700, the typical annual property tax bill reaches $1,890, which is below the national median of $2,690. Property taxes in Milltown are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milltown'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 Milltown 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
Milltown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$2,442
Ownwell’s Milltown Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Milltown with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Milltown to provide an estimated 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 is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Milltown, Indiana
Property taxes in Milltown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milltown is 1.51%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Milltown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milltown 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 Milltown's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47145 has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Milltown provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milltown Tax Rate
1.51%
Average Washington County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milltown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47145 | 0.76% | 1.13% | 1.51% | 1.69% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Milltown, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milltown, 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 Washington 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 Milltown, 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. For instance, the median home price in Milltown is $161,700, with the 25th percentile tax bill at $1,276 and the 75th percentile tax bill at $4,386. The highest and lowest median tax bills are both $1,890 in the 47145 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milltown Assessed Value
$161,700
Average Washington County Assessed Value
$111,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milltown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47145 | $81,640 | $99,800 | $161,700 | $247,800 | $280,720 |
Source: Ownwell
Property Tax Bills Across Milltown, Indiana
In Milltown, Washington County, IN, property tax bills are determined based on the assessed value of a home. The assessed value is calculated by county assessors who evaluate various factors, including the property's market value, location, and physical characteristics. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $161,700, homeowners in Milltown can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,276, while the 75th percentile reaches $4,386, and the 90th percentile can be as high as $4,965. These figures highlight the range of tax burdens that homeowners might face, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Milltown's property tax rates can lead to substantial annual expenses, affecting homeowners' financial planning and overall cost of living.
Average Milltown Tax Bill
$1,890
Average Washington County Tax Bill
$1,080
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Milltown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47145 | $608 | $1,276 | $1,890 | $4,386 | $4,965 |
Source: Ownwell