Milton, Indiana Property Taxes
The median property tax rate in Milton, IN is 1.18%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Milton at $96,100, the typical annual property tax bill reaches $1,120, exceeding the national median of $2,690. Property taxes in Milton 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 Milton'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 Milton 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
Milton, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,134
Ownwell’s Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton 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 Milton, Indiana
Property taxes in Milton, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milton is 1.18%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47357 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Milton provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milton Tax Rate
1.18%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47357 | 0.64% | 0.98% | 1.18% | 2.10% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Milton, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milton, Indiana. The market value represents 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 Wayne County 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 Milton, 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. The median home price in Milton is $96,100, with tax bills ranging significantly. For example, the 25th percentile tax bill is $623, while the 75th percentile tax bill is $2,125. Notably, the highest median tax bill recorded is $1,120 in the 47357 zip code, which is also the lowest median 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 Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milton Assessed Value
$96,100
Average Wayne County Assessed Value
$92,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47357 | $29,580 | $55,900 | $96,100 | $163,400 | $242,000 |
Source: Ownwell
Property Tax Bills Across Milton, Indiana
In Milton, located in Wayne County, IN, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. For homeowners, the impact of property taxes can vary significantly. The median home price in Milton is $96,100, with tax bills ranging from $623 at the 25th percentile to $3,712 at the 90th percentile. The median property tax rate in Milton aligns with the national median rate of 0.99%, resulting in a median tax bill of $1,120 for the zip code 47357. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly. Higher property taxes can affect affordability, while lower taxes can make homeownership more accessible.
Average Milton Tax Bill
$1,120
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47357 | $337 | $623 | $1,120 | $2,125 | $3,712 |
Source: Ownwell