Fortville, Indiana Property Taxes
The median property tax rate in Fortville, IN is 0.93%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Fortville at $225,200, the typical annual property tax bill amounts to $2,113, which is less than the national median of $2,690. Property taxes in Fortville 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 Fortville'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 Fortville 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
Fortville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$2,094
Ownwell’s Fortville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fortville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fortville 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 Fortville, Indiana
Property taxes in Fortville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fortville is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Fortville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fortville 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 Fortville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46040 zip code has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Fortville 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 Fortville Tax Rate
0.93%
Average Hancock County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fortville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46040 | 0.57% | 0.82% | 0.93% | 1.08% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Fortville, Indiana
In Fortville, 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 Hancock 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 Fortville, 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. The median home price in Fortville is $225,200, with tax bills ranging from $1,548 at the 25th percentile to $2,761 at the 75th percentile, and up to $3,718 at the 90th percentile. 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 Fortville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fortville Assessed Value
$225,200
Average Hancock County Assessed Value
$247,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fortville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46040 | $137,200 | $172,225 | $225,200 | $281,725 | $354,500 |
Source: Ownwell
Property Tax Bills Across Fortville, Indiana
In Fortville, property tax bills are calculated based on the assessed value of a home, which is determined by the Hancock County Assessor's office. The assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Fortville, the median home price is $225,200. Tax bills can vary significantly, with the 25th percentile at $1,548 and the 75th percentile reaching $2,761. The top 10% of tax bills can go as high as $3,718. These tax bills are influenced by several factors, including the home's market value, any applicable exemptions, and the local tax rate. The highest and lowest median tax bills in Fortville both stand at $2,113, which is above the national median property tax rate of 0.99%. This indicates that homeowners in Fortville may pay a higher percentage of their home’s value in property taxes compared to the national average. Understanding these factors can help homeowners manage their finances better and anticipate their annual property tax obligations.
Average Fortville Tax Bill
$2,113
Average Hancock County Tax Bill
$2,024
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fortville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46040 | $1,091 | $1,548 | $2,113 | $2,761 | $3,718 |
Source: Ownwell