Thorntown, Indiana Property Taxes
The median property tax rate in Thorntown, IN is 0.61%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Thorntown at $146,550, the typical annual property tax bill amounts to $895, which is considerably less than the national median of $2,690. Property taxes in Thorntown are calculated based on the tax assessed value, which is often below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Thorntown'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 Thorntown or another part of Clinton 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
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$894
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, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorntown is 0.61%, which is lower than 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 the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Thorntown 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 Thorntown Tax Rate
0.61%
Average Clinton County Tax Rate
0.93%
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 | 0.56% | 0.58% | 0.61% | 0.64% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Thorntown, Indiana
In Thorntown, 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 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. The median home price in Thorntown is $146,550, with median tax bills ranging from $831 to $1,209. The zip code 46071 has both the highest and lowest median tax bills, each at $895.
Average Thorntown Assessed Value
$146,550
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 Thorntown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46071 | $129,530 | $138,125 | $146,550 | $163,275 | $186,810 |
Source: Ownwell
Property Tax Bills Across Thorntown, Indiana
In Thorntown, located in Clinton County, Indiana, property tax bills are determined based on the assessed value of your home. The local government assesses the property's market value, and then a tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $146,550, homeowners can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill stands at $831, while the 75th percentile reaches $1,015, and the 90th percentile climbs to $1,209. This range illustrates how the assessed value and local tax rates impact the final amount homeowners owe. Comparing this to the national median property tax rate of 0.99%, Thorntown's rates can be seen as relatively moderate. Understanding these factors can help homeowners better anticipate their annual financial obligations and plan accordingly, ensuring they are prepared for their property tax responsibilities.
Average Thorntown Tax Bill
$895
Average Clinton County Tax Bill
$1,235
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 | $740 | $831 | $895 | $1,015 | $1,209 |
Source: Ownwell