Rockfield, Indiana Property Taxes
The median property tax rate in Rockfield, IN is 0.32%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Rockfield at $53,050, the typical annual property tax bill amounts to $175, which is well below the national median of $2,690. Property taxes in Rockfield are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Rockfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Rockfield or another part of Carroll County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rockfield, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$170
Ownwell’s Rockfield Property Tax Bill Calculator allows homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Rockfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockfield 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 Rockfield, Indiana
Property taxes in Rockfield, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockfield is 0.92%, which is lower than the Indiana state median of 0.85% but still below the U.S. national median of 0.99%. Local government entities within Rockfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockfield 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 Rockfield's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in Indiana is in ZIP code 46204 with a rate of 1.12%, while the lowest median tax rate is in ZIP code 47906 with a rate of 0.48%. Understanding how these cities compare with Rockfield provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockfield Tax Rate
0.32%
Average Carroll County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46977 | 0.17% | 0.22% | 0.32% | 0.97% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Rockfield, Indiana
In Rockfield, 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 Carroll 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 Rockfield, 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 Rockfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46977, with a bill of $175.00, which is also the lowest.
Average Rockfield Assessed Value
$53,050
Average Carroll County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46977 | $7,990 | $21,250 | $53,050 | $82,350 | $102,770 |
Source: Ownwell
Property Tax Bills Across Rockfield, Indiana
In Rockfield, located in Carroll County, IN, property tax bills are calculated based on the assessed value of the property, which is derived from the market value. The median home price in Rockfield is $53,050, and property taxes are levied as a percentage of this value. The property tax rate in Rockfield is influenced by local government budgets and the need to fund public services such as schools, infrastructure, and emergency services. Homeowners in Rockfield can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $90, while the 75th percentile reaches $333, and the 90th percentile can go up to $602. These variations are due to differences in property values and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Rockfield's tax bills reflect a relatively lower cost of living. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan their finances accordingly.
Average Rockfield Tax Bill
$175
Average Carroll County Tax Bill
$831
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46977 | $43 | $90 | $175 | $333 | $602 |
Source: Ownwell