Central, Indiana Property Taxes
The median property tax rate in Central, Indiana is 0.60%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Central at $95,500, the typical annual property tax bill amounts to $522, which is well below the national median of $2,690. Property taxes in Central are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Central'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 Central 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
Central, 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 CENTRAL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CENTRAL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CENTRAL 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 Central, Indiana
Property taxes in CENTRAL, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in CENTRAL is 0.60%, lower than the U.S. national median of 0.99%. Local government entities within CENTRAL set these rates annually, and they can vary significantly across different neighborhoods. Each year, CENTRAL 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 CENTRAL's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47110 zip code has a median property tax rate of 0.60%, the same as in CENTRAL. Understanding how these areas compare with CENTRAL provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Central Tax Rate
0.60%
Average Harrison County Tax Rate
0.61%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Central, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47110 | 0.31% | 0.43% | 0.60% | 1.05% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Central, Indiana
In CENTRAL, 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 Harrison 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 CENTRAL, 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 CENTRAL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in CENTRAL is $95,500, with the 25th percentile tax bill at $215 and the 75th percentile tax bill at $914. Notably, the highest and lowest median tax bill in the area is $522, found in zip code 47110.
Average Central Assessed Value
$95,500
Average Harrison County Assessed Value
$175,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Central, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47110 | $11,400 | $40,250 | $95,500 | $149,850 | $197,900 |
Source: Ownwell
Property Tax Bills Across Central, Indiana
In Central, located in Harrison County, IN, property tax bills are calculated based on the assessed value of a property. The local government determines the assessed value by evaluating the property's market value and applying an assessment ratio. Various factors, such as property size, location, and market conditions, influence this valuation. Once the assessed value is established, the tax rate, which is set by local taxing authorities, is applied. The median home price in Central is $95,500, and property tax bills can vary significantly within the area. For instance, the 25th percentile tax bill is $215, while the 75th percentile reaches $914, and the 90th percentile can go up to $1,457. Homeowners in Central experience a range of tax burdens, which impacts their annual financial planning and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Central's property tax rates can be considered moderate, offering a relatively balanced tax environment for residents.
Average Central Tax Bill
$522
Average Harrison County Tax Bill
$1,112
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Central, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47110 | $92 | $215 | $522 | $914 | $1,457 |
Source: Ownwell