Montpelier, Indiana Property Taxes
The median property tax rate in Montpelier, IN is 0.51%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Montpelier, the typical annual property tax bill reaches $1,149, which is significantly below the national median of $2,690. Property taxes in Montpelier 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 Montpelier'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 Montpelier or another part of Wells County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montpelier, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,108
Ownwell’s Montpelier Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montpelier with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montpelier 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 Montpelier, Indiana
Property taxes in Montpelier, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montpelier is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Montpelier set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montpelier 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 Montpelier's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47359 has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Montpelier provides valuable insights into the varying tax landscape across Wells County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montpelier Tax Rate
0.51%
Average Wells County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montpelier, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47359 | 0.34% | 0.42% | 0.51% | 0.62% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Montpelier, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Montpelier, Indiana. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Wells 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 Montpelier, 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 Montpelier is $217,200, with tax bills ranging from $665 at the 25th percentile to $2,597 at the 90th percentile. The zip code 47359 has both the highest and lowest median tax bill at $1,149. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Montpelier Assessed Value
$217,200
Average Wells County Assessed Value
$188,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montpelier, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47359 | $118,400 | $147,650 | $217,200 | $305,425 | $405,600 |
Source: Ownwell
Property Tax Bills Across Montpelier, Indiana
In Montpelier, Indiana, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, property size, and any improvements made. Property taxes in Montpelier are relatively modest compared to the national median property tax rate of 0.99%. For example, homeowners in Montpelier might see tax bills ranging from $665 at the 25th percentile to $2597 at the 90th percentile, depending on the value and characteristics of their property. The median home price in the area is $217,200, which plays a significant role in determining the tax bill, alongside local tax rates and assessments. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these taxes are calculated helps homeowners budget effectively and anticipate annual expenses.
Average Montpelier Tax Bill
$1,149
Average Wells County Tax Bill
$1,092
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Montpelier, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47359 | $464 | $665 | $1,149 | $1,718 | $2,597 |
Source: Ownwell