Milan, Indiana Property Taxes
The median property tax rate in Milan, IN is 1.07%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Milan at $196,050, the typical annual property tax bill reaches $2,349, which is below the national median of $2,690. Property taxes in Milan are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Milan'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 Milan or another part of Dearborn County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milan, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,098
Ownwell’s Milan Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Milan, Indiana, with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Milan to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for tax calculations and considers any applicable exemptions.
Property Tax Rates Across Milan, Indiana
Property taxes in Milan, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milan is 1.07%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Milan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milan 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 Milan's effective property tax rate to other areas in Dearborn County and the national median. For comparison, the zip code 47031 has the highest median property tax rate of 1.07%, while also having the lowest median tax rate of 1.07%. Understanding how these areas compare with Milan provides valuable insights into the varying tax landscape across Dearborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milan Tax Rate
1.07%
Average Dearborn County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47031 | 0.77% | 0.95% | 1.07% | 1.28% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Milan, Indiana
In Milan, 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 Dearborn 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 Milan, 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 Milan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Milan is $196,050, with the highest and lowest median tax bills both recorded at $2,349 in the 47031 zip code.
Average Milan Assessed Value
$196,050
Average Dearborn County Assessed Value
$174,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47031 | $84,110 | $115,850 | $196,050 | $272,000 | $367,130 |
Source: Ownwell
Property Tax Bills Across Milan, Indiana
In Milan, located in Dearborn County, IN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local government assessors who evaluate the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Milan can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,273, while the 75th percentile tax bill reaches $3,309. At the higher end, the 90th percentile tax bill can be as much as $4,650. These variations depend on factors such as property size, location, and improvements made to the home. Compared to the national median property tax rate of 0.99%, Milan's property tax rates can have a notable impact on homeowners' annual expenses. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Milan Tax Bill
$2,349
Average Dearborn County Tax Bill
$1,720
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Milan, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47031 | $731 | $1,273 | $2,349 | $3,309 | $4,650 |
Source: Ownwell