Roanoke, Indiana Property Taxes
The median property tax rate in Roanoke, IN is 0.80%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Roanoke set at $376,600, the typical annual property tax bill reaches $3,112, surpassing the national median of $2,690. Property taxes in Roanoke 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 Roanoke'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 Roanoke 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
Roanoke, 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 Roanoke Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Roanoke. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Roanoke to provide an accurate estimate of your property tax bill. This tool is instrumental in helping you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property's assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Roanoke, Indiana
Property taxes in Roanoke, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roanoke is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Roanoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roanoke 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 Roanoke's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46783 has both the highest and the lowest median property tax rate of 0.80%. Understanding how these cities compare with Roanoke provides valuable insights into the varying tax landscape across Whitley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roanoke Tax Rate
0.80%
Average Whitley County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roanoke, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46783 | 0.64% | 0.71% | 0.80% | 0.93% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Roanoke, Indiana
In Roanoke, 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 Whitley 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 Roanoke, 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 Roanoke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 46783 has the highest median tax bill at $3,112, which is significant compared to the national median property tax rate of 0.99%.
Average Roanoke Assessed Value
$376,600
Average Whitley County Assessed Value
$192,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Roanoke, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46783 | $193,950 | $252,175 | $376,600 | $581,550 | $827,310 |
Source: Ownwell
Property Tax Bills Across Roanoke, Indiana
In Roanoke, property tax bills are determined based on the assessed value of a home, which is influenced by the property’s market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property location, size, and improvements can affect the assessed value. For instance, the median home price in Roanoke is $376,600, which serves as a baseline for tax calculations. Homeowners in Roanoke can expect their tax bills to vary significantly. The 25th percentile tax bill is around $1,869, while the 75th percentile reaches $5,347, and the 90th percentile can go up to $9,029. This variation highlights how different property characteristics and market values impact the final tax amount. Comparatively, the national median property tax rate stands at 0.99%, making Roanoke’s tax rates relatively competitive. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Roanoke Tax Bill
$3,112
Average Whitley County Tax Bill
$1,635
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Roanoke, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46783 | $1,278 | $1,869 | $3,112 | $5,347 | $9,029 |
Source: Ownwell