Mccordsville, Indiana Property Taxes
The median property tax rate in McCordsville, IN is 1.11%, higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in McCordsville at $352,400, the typical annual property tax bill reaches $3,886, significantly exceeding the national median of $2,690. Property taxes in McCordsville are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding McCordsville’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 McCordsville 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
Mccordsville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$3,912
Ownwell’s McCordsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McCordsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McCordsville 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 Mccordsville, Indiana
Property taxes in McCordsville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McCordsville is 1.11%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within McCordsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, McCordsville 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 McCordsville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46055 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with McCordsville provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mccordsville Tax Rate
1.11%
Average Hamilton County Tax Rate
1.05%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mccordsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46055 | 1.05% | 1.05% | 1.11% | 1.15% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Mccordsville, Indiana
In McCordsville, 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 McCordsville, 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. With a median home price of $352,400, property tax bills in McCordsville can vary significantly. For instance, the 25th percentile tax bill is around $3,456, while the 75th percentile tax bill reaches approximately $4,680. 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 McCordsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mccordsville, Indiana
Source: Ownwell
$33,300
$1,087,450
$2,141,600
Average Mccordsville Assessed Value
$352,400
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 Mccordsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46055 | $287,240 | $315,900 | $352,400 | $406,400 | $484,300 |
Source: Ownwell
Property Tax Bills Across Mccordsville, Indiana
In McCordsville, Hamilton County, IN, property tax bills are calculated based on the assessed value of your home, not its market value. The assessed value is determined by the local assessor's office, which takes into account factors such as the property's size, age, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, with a median home price of $352,400, homeowners in McCordsville can expect to pay a tax bill that falls within a range, depending on various factors. The 25th percentile tax bill is approximately $3,456, while the 75th percentile reaches about $4,680. At the higher end, the 90th percentile tax bill can be as much as $5,708. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, McCordsville's property tax rates reflect the area's commitment to maintaining high-quality public services and amenities.
Average Mccordsville Tax Bill
$3,886
Average Hamilton County Tax Bill
$3,915
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mccordsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46055 | $3,136 | $3,456 | $3,886 | $4,680 | $5,708 |
Source: Ownwell