Jonesboro, Indiana Property Taxes
The median property tax rate in Jonesboro, IN is 0.86%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Jonesboro at $100,300, the typical annual property tax bill amounts to $939, which is significantly lower than the national median of $2,690. Property taxes in Jonesboro 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 Jonesboro'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 Jonesboro or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jonesboro, 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 JONESBORO Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in JONESBORO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in JONESBORO to project your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Jonesboro, Indiana
Property taxes in Jonesboro, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jonesboro is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Jonesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jonesboro 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 Jonesboro's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46938 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Jonesboro provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jonesboro Tax Rate
0.86%
Average Grant County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jonesboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46938 | 0.41% | 0.63% | 0.86% | 1.32% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Jonesboro, Indiana
In Jonesboro, 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 Grant 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 Jonesboro, 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. The median home price in Jonesboro is $100,300, with the 25th percentile tax bill at $531 and the 75th percentile tax bill at $1,467. The highest and lowest median tax bills are both $939 in the 46938 zip code. Being aware of these valuation processes in Jonesboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jonesboro Assessed Value
$100,300
Average Grant County Assessed Value
$99,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jonesboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46938 | $39,960 | $69,200 | $100,300 | $149,000 | $217,800 |
Source: Ownwell
Property Tax Bills Across Jonesboro, Indiana
In JONESBORO, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in the area stands at $100,300. Property taxes are influenced by several factors including the assessed value, local tax rates, and any applicable exemptions. The median property tax rate in the U.S. is 0.99%, but local rates can vary. Homeowners in JONESBORO can expect their property tax bills to range significantly. For instance, the tax bill at the 25th percentile is $531, whereas at the 75th percentile, it climbs to $1,467. The 90th percentile tax bill even reaches $2,179. The highest and lowest median tax bills in the area are both $939, specifically in the ZIP code 46938. Understanding these factors helps homeowners anticipate their annual tax obligations, which can impact their overall financial planning and the affordability of homeownership in the region.
Average Jonesboro Tax Bill
$939
Average Grant County Tax Bill
$892
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Jonesboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46938 | $325 | $531 | $939 | $1,467 | $2,179 |
Source: Ownwell