Bourbon, Indiana Property Taxes
The median property tax rate in Bourbon, Indiana is 0.67%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $254,300 in Bourbon, the typical annual property tax bill amounts to $1,843, falling below the national median of $2,690. Property taxes in Bourbon are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Bourbon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're residing in the heart of Bourbon or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bourbon, 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 Bourbon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bourbon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bourbon 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 Bourbon, Indiana
Property taxes in Bourbon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bourbon is 0.67%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Bourbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bourbon 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 Bourbon's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46504 zip code has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Bourbon provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bourbon Tax Rate
0.67%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bourbon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46504 | 0.48% | 0.61% | 0.67% | 0.84% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Bourbon, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bourbon, 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 local assessment office 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 Bourbon, 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 Bourbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46504 in Bourbon has a median tax bill of $1843, reflecting the local tax landscape.
Average Bourbon Assessed Value
$254,300
Average Kosciusko County Assessed Value
$191,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bourbon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46504 | $141,510 | $164,175 | $254,300 | $372,300 | $520,730 |
Source: Ownwell
Property Tax Bills Across Bourbon, Indiana
In Bourbon, located in Kosciusko County, IN, property tax bills are calculated based on the assessed value of a home. This value is determined by local assessors who evaluate the property's market value, taking into account factors such as the home's size, age, location, and condition. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Bourbon, the property tax rate significantly impacts their annual expenses. The median home price in Bourbon is $254,300, and property tax bills vary widely. For instance, tax bills in the 25th percentile are around $1,304, while those in the 75th percentile reach approximately $2,977. The 90th percentile tax bill can be as high as $3,698. Compared to the national median property tax rate of 0.99%, Bourbon's tax rates can lead to substantial differences in annual tax payments, affecting homeowners' overall financial planning and the affordability of their homes.
Average Bourbon Tax Bill
$1,843
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bourbon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46504 | $875 | $1,304 | $1,843 | $2,977 | $3,698 |
Source: Ownwell