Colfax, Indiana Property Taxes
The median property tax rate in Colfax, IN is 0.82%, which is lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $122,100 in Colfax, the typical annual property tax bill is around $1,058, falling below the national median of $2,690. Property taxes in Colfax are determined based on the tax assessed value, which often remains below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Colfax's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in Colfax or another part of the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colfax, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,001
Ownwell’s Colfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colfax 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 Colfax, Indiana
Property taxes in Colfax, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colfax is 0.82%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Colfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colfax 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 Colfax's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46035 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Colfax provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colfax Tax Rate
0.82%
Average Clinton County Tax Rate
0.93%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46035 | 0.55% | 0.68% | 0.82% | 1.64% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, Indiana
In Colfax, 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 Clinton 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 Colfax, 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 Colfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Colfax is $1058, and the lowest median tax bill is also $1058, both in the 46035 zip code.
Average Colfax Assessed Value
$122,100
Average Clinton County Assessed Value
$124,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46035 | $16,580 | $69,700 | $122,100 | $189,450 | $271,740 |
Source: Ownwell
Property Tax Bills Across Colfax, Indiana
In Colfax, located in Clinton County, IN, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The median home price in Colfax is $122,100. Property taxes are then derived by applying the local tax rate to this assessed value. Homeowners in Colfax typically see a range of tax bills, with the 25th percentile at $522 and the 75th percentile at $1,575, while the 90th percentile reaches up to $2,193. These figures indicate that property tax rates in Colfax can vary significantly, impacting homeowners differently based on their property's assessed value. The highest and lowest median tax bills in the area both stand at $1,058, demonstrating a relatively consistent tax rate within the zip code 46035. Compared to the national median property tax rate of 0.99%, Colfax homeowners experience a range of property tax obligations, which can influence their overall housing costs and financial planning.
Average Colfax Tax Bill
$1,058
Average Clinton County Tax Bill
$1,235
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46035 | $217 | $522 | $1,058 | $1,575 | $2,193 |
Source: Ownwell