Mentone, Indiana Property Taxes
The median property tax rate in Mentone, IN is 0.78%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Mentone at $126,200, the typical annual property tax bill is $1,049, falling well below the national median of $2,690. Property taxes in Mentone are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mentone’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 Mentone or another part of Kosciusko County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mentone, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$984
Ownwell’s Mentone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mentone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mentone 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 Mentone, Indiana
Property taxes in Mentone, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mentone is 0.78%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Mentone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mentone 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 Mentone's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46539 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Mentone provides valuable insights into the varying tax landscape across Kosciusko County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mentone Tax Rate
0.78%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mentone, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46539 | 0.42% | 0.58% | 0.78% | 1.16% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Mentone, Indiana
In Mentone, 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 Kosciusko 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 Mentone, 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 Mentone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1049, found in the zip code 46539.
Average Mentone Assessed Value
$126,200
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 Mentone, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46539 | $30,620 | $79,600 | $126,200 | $191,000 | $285,260 |
Source: Ownwell
Property Tax Bills Across Mentone, Indiana
In Mentone, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Factors such as the property's location, size, and condition are considered when determining this value. Homeowners in Mentone can expect a range of property tax bills, with the 25th percentile at $496 and the 75th percentile reaching $1,693. At the 90th percentile, property tax bills can be as high as $2,572. The median home price in Mentone is $126,200, which means that the property tax rate is relatively moderate compared to the national median property tax rate of 0.99%. For homeowners, this means that while property taxes are a necessary expense, they are not excessively burdensome. The highest and lowest median tax bills in the area are both $1,049, indicating a consistent tax rate within the region. This stability helps homeowners budget more effectively for their annual expenses.
Average Mentone Tax Bill
$1,049
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mentone, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46539 | $247 | $496 | $1,049 | $1,693 | $2,572 |
Source: Ownwell