Carmel, Indiana Property Taxes
The median property tax rate in Carmel, IN is 1.01%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $421,400 in Carmel, the typical annual property tax bill reaches $4,374, significantly exceeding the national median of $2,690. Property taxes in Carmel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Carmel'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 Carmel or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carmel, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$4,256
Ownwell’s Carmel Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Carmel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carmel to project your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is the value determined by the county for property tax purposes, including any applicable exemptions.
Property Tax Rates Across Carmel, Indiana
Property taxes in Carmel, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carmel is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Carmel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carmel 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 Carmel's effective property tax rate to other areas in Hamilton County and the national median. For comparison, the 46290 zip code has the highest median property tax rate of 1.13%, while the 46280 zip code has the lowest median tax rate of 0.97%. Understanding how these areas compare with Carmel provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carmel Tax Rate
1.01%
Average Hamilton County Tax Rate
1.05%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carmel, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46032 | 0.84% | 0.94% | 1.02% | 1.10% | 1.60% |
| 46033 | 0.88% | 0.95% | 1.01% | 1.08% | 1.16% |
| 46074 | 0.93% | 0.96% | 1.00% | 1.06% | 1.13% |
| 46280 | 0.72% | 0.87% | 0.97% | 1.13% | 1.84% |
| 46290 | 1.02% | 1.08% | 1.13% | 1.30% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Carmel, Indiana
In Carmel, 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 Hamilton 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 Carmel, 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 Carmel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $6,065 in zip code 46290, while the lowest is $2,515 in zip code 46280.
Average Carmel Assessed Value
$421,400
Average Hamilton County Assessed Value
$355,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carmel, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46032 | $218,800 | $310,250 | $416,100 | $616,000 | $895,300 |
| 46033 | $294,470 | $353,700 | $435,600 | $567,800 | $701,230 |
| 46074 | $367,530 | $439,625 | $527,350 | $649,100 | $788,260 |
| 46280 | $148,560 | $187,700 | $236,900 | $304,200 | $379,960 |
| 46290 | $304,700 | $400,800 | $487,400 | $655,250 | $774,400 |
Source: Ownwell
Property Tax Bills Across Carmel, Indiana
In Carmel, property tax bills are calculated based on the assessed value of a home, which is determined by the Hamilton County Assessor's Office. The assessed value is a percentage of the market value of the property. Various factors influence this value, including the home's location, size, and condition. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. For instance, with a median home price of $421,400, homeowners in Carmel can expect their tax bills to vary significantly. The 25th percentile tax bill is around $3,277, while the 75th percentile tax bill reaches $6,025. At the 90th percentile, the tax bill can be as high as $8,269. These figures indicate that property taxes in Carmel can be higher than the national median property tax rate of 0.99%, impacting homeowners' annual expenses considerably. Homeowners in certain zip codes, like 46290, may face even higher median tax bills, up to $6,065, compared to lower bills in zip code 46280 at $2,515.
Average Carmel Tax Bill
$4,374
Average Hamilton County Tax Bill
$3,915
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Carmel, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46032 | $2,070 | $3,190 | $4,422 | $6,501 | $9,452 |
| 46033 | $2,897 | $3,640 | $4,442 | $5,836 | $7,388 |
| 46074 | $3,782 | $4,423 | $5,264 | $6,700 | $8,437 |
| 46280 | $1,222 | $1,802 | $2,515 | $3,428 | $4,588 |
| 46290 | $4,326 | $4,835 | $6,065 | $8,159 | $9,879 |
Source: Ownwell