North Vernon, Indiana Property Taxes
The median property tax rate in North Vernon, IN is 0.89%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in North Vernon at $102,100, the typical annual property tax bill amounts to $889, which is significantly below the national median of $2,690. Property taxes in North Vernon are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding North Vernon'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 North Vernon or elsewhere in Jennings County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Vernon, 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 North Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Vernon 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 North Vernon, Indiana
Property taxes in North Vernon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Vernon stands at 0.89%, which is slightly below the U.S. national median of 0.99%. Local government entities within North Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Vernon 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 North Vernon's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47265 has both the highest and lowest median property tax rate in the area, standing at 0.89%. Understanding how these figures compare with North Vernon provides valuable insights into the varying tax landscape across Jennings County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Vernon Tax Rate
0.89%
Average Jennings County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Vernon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47265 | 0.43% | 0.65% | 0.89% | 1.62% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across North Vernon, Indiana
In North Vernon, 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 local 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 North Vernon, 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 North Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $102,100, with the median tax bill being $889 in the 47265 zip code.
Average North Vernon Assessed Value
$102,100
Average Jennings County Assessed Value
$107,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Vernon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47265 | $12,500 | $43,700 | $102,100 | $157,000 | $221,320 |
Source: Ownwell
Property Tax Bills Across North Vernon, Indiana
In North Vernon, Jennings County, IN, property tax bills are calculated based on the assessed value of a home. The local assessor determines this value, which is then multiplied by the local tax rate to generate the tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. Homeowners in North Vernon can expect to pay a median property tax bill of around $889, which is significantly lower than the national median property tax rate of 0.99%. Tax bills can vary widely, with the 25th percentile paying approximately $374 and the 75th percentile paying about $1559. At the 90th percentile, homeowners might see tax bills as high as $2402. These variations highlight the impact of property value and local tax rates on individual tax bills, affecting homeowners' financial planning and budgeting. Understanding these factors can help homeowners anticipate their annual property tax obligations more accurately.
Average North Vernon Tax Bill
$889
Average Jennings County Tax Bill
$904
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across North Vernon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47265 | $102 | $374 | $889 | $1,559 | $2,402 |
Source: Ownwell