Elizabeth, Indiana Property Taxes
The median property tax rate in Elizabeth, IN is 0.71%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $194,500 in Elizabeth, the typical annual property tax bill is $1,411, well below the national median of $2,690. Property taxes in Elizabeth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elizabeth'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 Elizabeth or another part of Floyd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elizabeth, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,381
Ownwell’s Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabeth 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 Elizabeth, Indiana
Property taxes in Elizabeth, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 0.71%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth 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 Elizabeth's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47117 has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Elizabeth provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabeth Tax Rate
0.71%
Average Floyd County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabeth, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47117 | 0.46% | 0.61% | 0.71% | 1.09% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, Indiana
In Elizabeth, 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 Floyd 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 Elizabeth, 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. For example, the median home price in Elizabeth is $194,500, with tax bills ranging from $843 at the 25th percentile to $3,148 at the 90th percentile. The zip code 47117 has the highest and lowest median tax bill, both at $1,411. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elizabeth Assessed Value
$194,500
Average Floyd County Assessed Value
$183,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabeth, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47117 | $76,150 | $114,725 | $194,500 | $285,925 | $382,080 |
Source: Ownwell
Property Tax Bills Across Elizabeth, Indiana
In Elizabeth, located in Floyd County, IN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which is periodically evaluated by local assessors. Several factors influence this assessed value, including the property's size, age, and location. For instance, the median home price in Elizabeth is $194,500. Homeowners in Elizabeth can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill is $843, while the 75th percentile reaches $2,228, and the 90th percentile can be as high as $3,148. These figures indicate a wide range of tax burdens that can significantly impact household budgets. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand their local tax obligations. In Floyd County, the median tax bill stands at $1,411, reflecting the local economic conditions and property values.
Average Elizabeth Tax Bill
$1,411
Average Floyd County Tax Bill
$1,788
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabeth, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47117 | $481 | $843 | $1,411 | $2,228 | $3,148 |
Source: Ownwell