Milton, Indiana Property Taxes
The median property tax rate in Milton, IN is 0.96%, slightly below the national median of 0.99% and the Indiana state median of 0.85%. With the median home value in Milton, the typical annual property tax bill amounts to $1,291, which is lower than the national median of $2,690. Property taxes in Milton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milton'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 Milton or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milton, 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 Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton 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 Milton, Indiana
Property taxes in Milton, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milton is 0.99%, which aligns with both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47357 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Milton provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milton Tax Rate
0.99%
Average Fayette County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47357 | 0.20% | 0.59% | 0.99% | 1.72% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Milton, Indiana
In Milton, 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 Fayette County 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. Assessment notices in Milton 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 Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Milton is $1,397 in the 47357 zip code, which is also the lowest median tax bill.
Average Milton Assessed Value
$134,400
Average Fayette County Assessed Value
$95,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47357 | $69,140 | $94,950 | $134,400 | $222,650 | $280,200 |
Source: Ownwell
Property Tax Bills Across Milton, Indiana
In Milton, Fayette County, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Milton is $134,400, and homeowners can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is around $436, while the 75th percentile reaches up to $3,326. At the high end, the 90th percentile tax bill is $4,380. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. Homeowners in Milton pay property taxes that can significantly impact their annual budget, especially when compared to the national median property tax rate of 0.99%. In Milton, the highest median tax bill is recorded at $1,397, which is notably higher than the national median. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Milton Tax Bill
$1,397
Average Fayette County Tax Bill
$929
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47357 | $180 | $436 | $1,397 | $3,326 | $4,380 |
Source: Ownwell