Thorntown, Indiana Property Taxes
The median property tax rate in Thorntown, IN is 0.75%, 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 $209,250 in Thorntown, the typical annual property tax bill amounts to $1,728, falling below the national median of $2,690. Property taxes in Thorntown are calculated based on the assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Thorntown'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 Thorntown 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
Thorntown, 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 Thorntown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorntown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorntown 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 Thorntown, Indiana
Property taxes in Thorntown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorntown is 0.75%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Thorntown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorntown 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 Thorntown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46071 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Thorntown 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 Thorntown Tax Rate
0.75%
Average Boone County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thorntown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46071 | 0.52% | 0.63% | 0.75% | 1.01% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Thorntown, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thorntown, 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 Boone County 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 Thorntown, 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 Thorntown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Thorntown's median home price is $209,250, with property tax bills ranging from $1,030 at the 25th percentile to $3,935 at the 90th percentile. Notably, the zip code 46071 has both the highest and lowest median tax bill of $1,728. By understanding these figures, homeowners can better anticipate their financial obligations and explore ways to reduce their property tax burden effectively.
Average Thorntown Assessed Value
$209,250
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 Thorntown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46071 | $88,880 | $139,475 | $209,250 | $323,675 | $478,030 |
Source: Ownwell
Property Tax Bills Across Thorntown, Indiana
In Thorntown, located in Boone County, IN, property tax bills are calculated based on a combination of assessed property value and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For instance, with a median home price of $209,250, the property tax bill can vary significantly. Several factors influence the final tax bill, including property location, any applicable exemptions, and local government budgets. Homeowners in Thorntown can expect their tax bills to range from around $1,030 at the 25th percentile to $2,678 at the 75th percentile, with the 90th percentile reaching up to $3,935. Understanding how these factors interplay is crucial for homeowners, as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Thorntown's property tax rates reflect the local economic conditions and public service funding requirements, making it essential for homeowners to stay informed and possibly seek exemptions to reduce their tax burden.
Average Thorntown Tax Bill
$1,728
Average Boone County Tax Bill
$3,263
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Thorntown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46071 | $618 | $1,030 | $1,728 | $2,678 | $3,935 |
Source: Ownwell