Millersburg, Indiana Property Taxes
The median property tax rate in Millersburg, IN is 0.59%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $423,400 in Millersburg, the typical annual property tax bill is around $2,508, which is below the national median of $2,690. Property taxes here are calculated 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. Understanding Millersburg'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 Millersburg or elsewhere in LaGrange County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millersburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$2,498
Ownwell’s Millersburg Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Millersburg. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Millersburg to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make more informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available. The assessed value of your property, determined by LaGrange County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Millersburg, Indiana
Property taxes in Millersburg, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millersburg is 0.59%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Millersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millersburg 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 Millersburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46543 zip code has the highest median property tax rate of 0.59%, while the 46543 zip code has the lowest median tax rate of 0.59%. Understanding how these cities compare with Millersburg provides valuable insights into the varying tax landscape across LaGrange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millersburg Tax Rate
0.59%
Average Lagrange County Tax Rate
0.63%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46543 | 0.46% | 0.52% | 0.59% | 0.73% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Millersburg, Indiana
In Millersburg, 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 LaGrange County Assessor's 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 Millersburg, 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 Millersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46543 has both the highest and lowest median tax bills, both valued at $2508.
Average Millersburg Assessed Value
$423,400
Average Lagrange County Assessed Value
$195,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46543 | $225,280 | $316,200 | $423,400 | $566,700 | $710,780 |
Source: Ownwell
Property Tax Bills Across Millersburg, Indiana
In Millersburg, LaGrange County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $423,400, homeowners can expect to pay a significant amount in property taxes annually. The tax bill can vary widely; at the 25th percentile, homeowners might pay around $1,803, while at the 75th percentile, the bill could rise to approximately $3,744. For those at the 90th percentile, the tax bill can reach up to $5,286. These variations depend on factors like property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Millersburg face a range of tax bills that can significantly impact their annual expenses. Understanding these factors can help homeowners better anticipate their financial obligations.
Average Millersburg Tax Bill
$2,508
Average Lagrange County Tax Bill
$1,119
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Millersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46543 | $1,177 | $1,803 | $2,508 | $3,744 | $5,286 |
Source: Ownwell