Charlottesville, Indiana Property Taxes
The median property tax rate in Charlottesville, IN is 1.00%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Charlottesville at $214,600, the typical annual property tax bill reaches $2,185, which is below the national median of $2,690. Property taxes in Charlottesville are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Charlottesville'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 Charlottesville 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
Charlottesville, 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 Charlottesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Charlottesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Charlottesville 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 Charlottesville, Indiana
Property taxes in Charlottesville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Charlottesville is 1.00%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Charlottesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Charlottesville 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 Charlottesville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46117 zip code has the highest median property tax rate of 1.00%, while the 46117 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Charlottesville provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Charlottesville Tax Rate
1.00%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Charlottesville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46117 | 0.62% | 0.90% | 1.00% | 1.09% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Charlottesville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Charlottesville, Indiana. 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 Henry 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 Charlottesville, 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. For example, the median home price in Charlottesville is $214,600, with property tax bills ranging from $1,470 at the 25th percentile to $3,426 at the 90th percentile. The highest and lowest median tax bills are both $2,185 in the 46117 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Charlottesville, Indiana
Source: Ownwell
$70,100
$152,000
$233,900
Average Charlottesville Assessed Value
$214,600
Average Henry County Assessed Value
$106,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Charlottesville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46117 | $98,100 | $156,775 | $214,600 | $281,925 | $326,750 |
Source: Ownwell
Property Tax Bills Across Charlottesville, Indiana
In Charlottesville, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. Several factors are considered in this calculation, including the home's market value, location, and any applicable exemptions or deductions. For homeowners in Henry County, the median home price is $214,600. Property tax bills can vary significantly, with the 25th percentile paying around $1,470 and the 75th percentile facing bills up to $3,058. At the higher end, the 90th percentile tax bill reaches $3,426. These figures highlight the range of property tax burdens within the area compared to the national median property tax rate of 0.99%. Understanding these calculations is crucial for homeowners, as property taxes can significantly impact annual expenses. The highest median tax bill in the region, recorded in zip code 46117, stands at $2,185, underscoring the variability within the county.
Average Charlottesville Tax Bill
$2,185
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Charlottesville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46117 | $324 | $1,470 | $2,185 | $3,058 | $3,426 |
Source: Ownwell