Markleville, Indiana Property Taxes
The median property tax rate in Markleville, Indiana is 0.64%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Markleville at $290,150, the typical annual property tax bill is approximately $1,998, which is below the national median of $2,690. Property taxes in Markleville 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 Markleville'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 Markleville 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
Markleville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,857
Ownwell’s Markleville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Markleville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Markleville 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 Markleville, Indiana
Property taxes in Markleville, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Markleville is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Markleville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Markleville 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 Markleville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46056 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Markleville 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 Markleville Tax Rate
0.64%
Average Hancock County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Markleville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46056 | 0.49% | 0.58% | 0.64% | 0.74% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Markleville, Indiana
In Markleville, 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 Appraisal District 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 Markleville, 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 Markleville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 46056, both with a value of $1998.
Property Tax Assessment Values Across Markleville, Indiana
Source: Ownwell
$23,100
$1,036,150
$2,049,200
Average Markleville Assessed Value
$290,150
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 Markleville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46056 | $174,600 | $218,325 | $290,150 | $385,900 | $549,240 |
Source: Ownwell
Property Tax Bills Across Markleville, Indiana
In Markleville, Hancock County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Markleville, the median home price is $290,150. The local tax rate is applied to this value to calculate the tax owed. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill is $1,335, while the 75th percentile tax bill is $3,304, reflecting a range of property values and exemptions. At the 90th percentile, homeowners can expect to pay around $3,928. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Markleville must budget for these annual expenses, which can significantly impact their overall financial planning. Comparing to the national median property tax rate of 0.99%, Markleville's tax bills highlight variations due to local assessments and rates.
Average Markleville Tax Bill
$1,998
Average Hancock County Tax Bill
$2,024
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Markleville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46056 | $1,007 | $1,335 | $1,998 | $3,304 | $3,928 |
Source: Ownwell