Vallonia, Indiana Property Taxes
The median property tax rate in Vallonia, IN is 0.73%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Vallonia being $132,500, the typical annual property tax bill amounts to $1,001, significantly below the national median of $2,690. Property taxes in Vallonia are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Vallonia's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Vallonia or another part of Jackson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vallonia, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$967
Ownwell’s Vallonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vallonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vallonia 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 Jackson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Vallonia, Indiana
Property taxes in Vallonia, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vallonia is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Vallonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vallonia 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 Vallonia's effective property tax rate to other regions in Jackson County and the national median. For comparison, the zip code 47281 within Vallonia has a consistent median property tax rate of 0.73%. Understanding how these figures compare with Vallonia provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vallonia Tax Rate
0.73%
Average Jackson County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vallonia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47281 | 0.35% | 0.54% | 0.73% | 1.09% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Vallonia, Indiana
In Vallonia, 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 Jackson 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 Vallonia, 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 instance, the median home price in Vallonia is $132,500, with tax bills ranging from $431 at the 25th percentile to $2,546 at the 90th percentile. The zip code 47281 has the highest and lowest median tax bill at $1,001. 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.
Average Vallonia Assessed Value
$132,500
Average Jackson County Assessed Value
$134,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vallonia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47281 | $39,820 | $75,800 | $132,500 | $193,100 | $242,540 |
Source: Ownwell
Property Tax Bills Across Vallonia, Indiana
In Vallonia, located in Jackson County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as the home's size, location, and condition play a crucial role in determining its assessed value. For homeowners in Vallonia, property taxes can vary significantly. The tax bill at the 25th percentile is $431, while at the 75th percentile, it rises to $1,563, and at the 90th percentile, it reaches $2,546. The median home price in Vallonia is $132,500, and the median property tax rate in the area is relatively modest compared to the national median property tax rate of 0.99%. Understanding these factors is essential for homeowners as property taxes can significantly impact annual expenses. A higher assessed value or changes in the local tax rate can lead to increased property tax bills, affecting overall affordability and financial planning.
Average Vallonia Tax Bill
$1,001
Average Jackson County Tax Bill
$1,065
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Vallonia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47281 | $206 | $431 | $1,001 | $1,563 | $2,546 |
Source: Ownwell