Craigville, Indiana Property Taxes
The median property tax rate in Craigville, IN is 0.44%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Craigville at $207,900, the typical annual property tax bill is $1,024, well below the national median of $2,690. Property taxes in Craigville are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Craigville'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 Craigville or another part of Adams County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Craigville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$915
Ownwell’s Craigville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Craigville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Craigville 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 Craigville, Indiana
Property taxes in Craigville, Indiana, are essential for funding critical local services like public schools, road maintenance, and emergency services. The median tax rate in Craigville is 0.44%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Craigville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Craigville 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 Craigville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46731 has the highest median property tax rate of 0.44%, while the same zip code also has the lowest median tax rate of 0.44%. Understanding how these cities compare with Craigville provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Craigville Tax Rate
0.44%
Average Adams County Tax Rate
0.84%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Craigville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46731 | 0.33% | 0.41% | 0.44% | 0.69% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Craigville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Craigville, 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 Adams 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 Craigville, 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. The median home price in Craigville is $207,900, with tax bills ranging from $652 at the 25th percentile to $1,818 at the 90th percentile. The zip code 46731 has the highest and lowest median tax bill of $1,024. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Craigville Assessed Value
$207,900
Average Adams County Assessed Value
$154,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Craigville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46731 | $139,780 | $160,600 | $207,900 | $216,300 | $227,160 |
Source: Ownwell
Property Tax Bills Across Craigville, Indiana
In Craigville, Adams County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. This assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property location, size, and market conditions can influence the assessed value. For instance, the median home price in Craigville is $207,900, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile typically see tax bills around $652, whereas those in the 75th percentile may pay approximately $1,440. At the higher end, the 90th percentile tax bill reaches up to $1,818. These figures highlight how property taxes can significantly impact homeowners, with the highest median tax bill in the area recorded at $1,024. When compared to the national median property tax rate of 0.99%, Craigville's property tax calculations reflect a tailored approach, considering specific local factors that affect the overall tax burden on homeowners.
Average Craigville Tax Bill
$1,024
Average Adams County Tax Bill
$1,348
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Craigville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46731 | $467 | $652 | $1,024 | $1,440 | $1,818 |
Source: Ownwell