Milltown, Indiana Property Taxes
The median property tax rate in Milltown, IN is 1.05%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Milltown at $88,500, the typical annual property tax bill reaches $934, which is significantly lower than the national median of $2,690. Property taxes in Milltown 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 Milltown'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 Milltown or another part of Crawford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milltown, 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 Milltown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milltown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milltown 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 Milltown, Indiana
Property taxes in Milltown, Indiana, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Milltown stands at 0.75%, which is below both the Indiana state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Milltown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milltown 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 Milltown's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in Crawford County is 0.81%, while the lowest median tax rate is 0.67%. Understanding how these areas compare with Milltown provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milltown Tax Rate
1.05%
Average Crawford County Tax Rate
1.24%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milltown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47145 | 0.60% | 0.85% | 1.05% | 1.66% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Milltown, Indiana
In Milltown, 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 Crawford County Assessor’s Office 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 Milltown, 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. The median home price in Milltown is $88,500, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $500, while the 75th percentile tax bill is $1,694, and the 90th percentile tax bill is $2,427. 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 Milltown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milltown Assessed Value
$88,500
Average Crawford County Assessed Value
$66,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milltown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47145 | $28,300 | $47,500 | $88,500 | $140,425 | $200,750 |
Source: Ownwell
Property Tax Bills Across Milltown, Indiana
Property tax bills in Milltown, Crawford County, IN, are determined by assessing the market value of a property and applying the local tax rate. The median home price in Milltown is $88,500, which serves as the basis for calculating the tax bill. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, homeowners in Milltown can expect their property tax bills to range from $500 at the 25th percentile to $2,427 at the 90th percentile, reflecting varying property values and exemptions. Several factors influence the property tax bill, including property size, location, and any applicable exemptions. Homeowners should be aware that these property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Milltown's property tax bills offer a glimpse into the local economic landscape, affecting homeowners' financial planning and the affordability of living in the area.
Average Milltown Tax Bill
$934
Average Crawford County Tax Bill
$769
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Milltown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47145 | $253 | $500 | $934 | $1,694 | $2,427 |
Source: Ownwell