Frankfort, Indiana Property Taxes
The median property tax rate in Frankfort, IN is 0.79%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $345,200 in Frankfort, the typical annual property tax bill is around $2,654, slightly below the national median of $2,690. Property taxes in Frankfort are determined based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Frankfort'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 Frankfort or another part of Boone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frankfort, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$2,727
Ownwell’s Frankfort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 Frankfort, Indiana
Property taxes in Frankfort, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankfort 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 Frankfort's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46041 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Frankfort provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
0.79%
Average Boone County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46041 | 0.71% | 0.74% | 0.79% | 0.84% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Indiana
In Frankfort, 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 Boone 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 Frankfort, 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 46041, with a median bill of $2,654. This highlights the importance of understanding local tax assessments to ensure fair and accurate property tax evaluations.
Average Frankfort Assessed Value
$345,200
Average Boone County Assessed Value
$327,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankfort, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46041 | $280,240 | $304,600 | $345,200 | $385,800 | $410,160 |
Source: Ownwell
Property Tax Bills Across Frankfort, Indiana
In Frankfort, Indiana, property tax bills are determined by a combination of the assessed value of a property and the local tax rate. The assessed value is an estimate of the property's market value, which is recalculated periodically to reflect changes in the real estate market. This value is then multiplied by the local tax rate set by the county to calculate the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, a median home price in Frankfort is $345,200, leading to varying tax bills. Homeowners in the 25th percentile can expect to pay around $2,501, while those in the 75th percentile might see bills closer to $2,807. The 90th percentile tax bill reaches approximately $2,899. These taxes fund essential public services like schools, roads, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Frankfort's tax rate ensures that homeowners contribute fairly to local infrastructure and services.
Average Frankfort Tax Bill
$2,654
Average Boone County Tax Bill
$3,263
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46041 | $2,409 | $2,501 | $2,654 | $2,807 | $2,899 |
Source: Ownwell