Flat Rock, Indiana Property Taxes
The median property tax rate in Flat Rock, Indiana is 0.84%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Flat Rock at $201,200, the typical annual property tax bill amounts to $1,738, falling below the national median of $2,690. Property taxes in Flat Rock are calculated based on the tax assessed value, which often is less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Flat Rock'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 Flat Rock 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
Flat Rock, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,690
Ownwell’s Flat Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flat Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flat Rock 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 Flat Rock, Indiana
Property taxes in Flat Rock, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flat Rock is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Flat Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flat Rock 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 Flat Rock's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47234 has both the highest and lowest median property tax rate of 0.84%. Understanding how these cities compare with Flat Rock provides valuable insights into the varying tax landscape across Bartholomew County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flat Rock Tax Rate
0.84%
Average Bartholomew County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flat Rock, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47234 | 0.59% | 0.75% | 0.84% | 0.97% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Flat Rock, Indiana
In Flat Rock, 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 Bartholomew County Assessor's Office 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 Flat Rock, 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 Flat Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,738, located in the 47234 zip code.
Average Flat Rock Assessed Value
$201,200
Average Bartholomew County Assessed Value
$193,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flat Rock, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47234 | $98,910 | $123,325 | $201,200 | $279,575 | $316,890 |
Source: Ownwell
Property Tax Bills Across Flat Rock, Indiana
In Flat Rock, Bartholomew County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the final tax bill. For homeowners in Flat Rock, the median home price is $201,200. The tax bills in this area range significantly, with the 25th percentile at $1,181 and the 75th percentile at $2,681. At the higher end, the 90th percentile tax bill reaches $3,281. Factors influencing the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the tax rates in Flat Rock can lead to varied tax bills depending on the home's value and specific circumstances. For homeowners, this means that understanding the assessed value of their property and any potential exemptions is crucial for managing their annual tax obligations effectively.
Average Flat Rock Tax Bill
$1,738
Average Bartholomew County Tax Bill
$2,070
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Flat Rock, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47234 | $693 | $1,181 | $1,738 | $2,681 | $3,281 |
Source: Ownwell