North Vernon, Indiana Property Taxes
The median property tax rate in North Vernon, IN is 0.68%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value in North Vernon of $320,700, the typical annual property tax bill is approximately $2,174, falling below the national median of $2,690. Property taxes in North Vernon are calculated based on the tax assessed value, which often comes in lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding North Vernon's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve significant annual savings. Whether you're in the heart of North Vernon or another part of the city, a thorough grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Vernon, 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 North Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Vernon 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 North Vernon, Indiana
Property taxes in North Vernon, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Vernon is 0.68%, lower than the U.S. national median of 0.99%. Local government entities within North Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Vernon 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 North Vernon's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47265 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with North Vernon provides valuable insights into the varying tax landscape across Decatur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Vernon Tax Rate
0.68%
Average Decatur County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Vernon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47265 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across North Vernon, Indiana
In North Vernon, 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 local appraisal district 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 North Vernon, 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 North Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 47265, with a median tax bill of $2,174.
Average North Vernon Assessed Value
$320,700
Average Decatur County Assessed Value
$162,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Vernon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47265 | $320,700 | $320,700 | $320,700 | $320,700 | $320,700 |
Source: Ownwell
Property Tax Bills Across North Vernon, Indiana
In North Vernon, located in Decatur County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and reflects the estimated market value of the property. Once the assessed value is established, the property tax rate is applied to calculate the annual tax bill. Several factors influence the assessed value, including the property's size, age, location, and condition. Additionally, local tax rates and any applicable exemptions or deductions also play a role in determining the final tax bill. For example, homeowners in North Vernon may benefit from homestead exemptions, which can reduce the taxable value of their property. Homeowners in North Vernon typically see a median tax bill of $2,174, which is notably higher than the national median property tax rate of 0.99%. This higher tax bill can significantly impact homeowners by increasing their annual housing costs, making it essential for them to understand and potentially appeal their property assessments to ensure fair taxation.
Average North Vernon Tax Bill
$2,174
Average Decatur County Tax Bill
$1,342
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across North Vernon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47265 | $2,174 | $2,174 | $2,174 | $2,174 | $2,174 |
Source: Ownwell