Floyds Knobs, Indiana Property Taxes
The median property tax rate in Floyds Knobs, IN is 0.64%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Floyds Knobs at $268,000, the typical annual property tax bill reaches $1,874, which is well below the national median of $2,690. Property taxes in Floyds Knobs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Floyds Knobs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Floyds Knobs 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
Floyds Knobs, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,715
Ownwell’s Floyds Knobs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floyds Knobs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floyds Knobs 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 Floyds Knobs, Indiana
Property taxes in Floyds Knobs, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floyds Knobs is 0.64%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Floyds Knobs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floyds Knobs 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 Floyds Knobs' effective property tax rate to other counties in Indiana and the national median. For comparison, the 47119 zip code has the highest median property tax rate of 0.64%, while the same 47119 zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Floyds Knobs provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Floyds Knobs Tax Rate
0.64%
Average Clark County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floyds Knobs, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47119 | 0.39% | 0.57% | 0.64% | 0.79% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Floyds Knobs, Indiana
In Floyds Knobs, 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 Clark 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 Floyds Knobs, 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. For instance, the median home price in the area is $268,000, with tax bills ranging from $1,109 at the 25th percentile to $3,878 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Floyds Knobs Assessed Value
$268,000
Average Clark County Assessed Value
$205,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floyds Knobs, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47119 | $101,960 | $184,800 | $268,000 | $362,200 | $549,980 |
Source: Ownwell
Property Tax Bills Across Floyds Knobs, Indiana
In Floyds Knobs, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in this area is $268,000. Factors such as property size, location, and improvements can influence the assessed value. Once the market value is established, exemptions and deductions may be applied, reducing the taxable amount. For instance, homeowners in Floyds Knobs see a variety of tax bills, with the 25th percentile at $1,109 and the 75th percentile at $2,601. The highest median tax bill recorded is $1,874, which is significantly lower than the national median property tax rate of 0.99%. This relatively lower tax rate can provide financial relief to homeowners, making Floyds Knobs an attractive place for property investment. Understanding how these taxes are calculated helps residents plan their finances better and take advantage of available exemptions.
Average Floyds Knobs Tax Bill
$1,874
Average Clark County Tax Bill
$1,927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Floyds Knobs, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47119 | $528 | $1,109 | $1,874 | $2,601 | $3,878 |
Source: Ownwell