Plainfield, Indiana Property Taxes
The median property tax rate in Plainfield, IN is 0.95%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Plainfield at $249,850, the typical annual property tax bill reaches $2,485, just under the national median of $2,690. Property taxes in Plainfield 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 Plainfield'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 Plainfield 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
Plainfield, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$2,374
Ownwell’s Plainfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plainfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plainfield 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 Plainfield, Indiana
Property taxes in Plainfield, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Plainfield is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Plainfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plainfield 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 Plainfield's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46168 zip code has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these cities compare with Plainfield provides valuable insights into the varying tax landscape across Hendricks County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Plainfield Tax Rate
0.95%
Average Hendricks County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plainfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46168 | 0.70% | 0.83% | 0.95% | 1.05% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Plainfield, Indiana
In Plainfield, 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 Hendricks 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 Plainfield, 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 Plainfield is $249,850, with tax bills ranging from $1,733 at the 25th percentile to $4,218 at the 90th percentile. The highest and lowest median tax bills are both $2,485 in the 46168 zip code. 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 Plainfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Plainfield Assessed Value
$249,850
Average Hendricks County Assessed Value
$256,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Plainfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46168 | $137,700 | $182,575 | $249,850 | $321,000 | $406,510 |
Source: Ownwell
Property Tax Bills Across Plainfield, Indiana
In Plainfield, located in Hendricks County, Indiana, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Plainfield, the median home price is $249,850, which plays a significant role in determining the tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Plainfield can expect a wide range of tax bills. The 25th percentile tax bill is around $1,733, while the 75th percentile tax bill reaches approximately $3,264. At the 90th percentile, tax bills can soar to $4,218. These figures illustrate the variability in property tax burdens, which can significantly impact homeowners' finances. Comparatively, the national median property tax rate is 0.99%, offering a benchmark for understanding local tax obligations.
Average Plainfield Tax Bill
$2,485
Average Hendricks County Tax Bill
$2,647
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Plainfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46168 | $1,089 | $1,733 | $2,485 | $3,264 | $4,218 |
Source: Ownwell