Clarks Hill, Indiana Property Taxes
The median property tax rate in Clarks Hill, IN is 0.64%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Clarks Hill at $280,100, the typical annual property tax bill amounts to $1,667, which is below the national median of $2,690. Property taxes in Clarks Hill 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 Clarks Hill'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 Clarks Hill or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clarks Hill, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,793
Ownwell’s Clarks Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clarks Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clarks Hill 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 Clarks Hill, Indiana
Property taxes in Clarks Hill, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clarks Hill is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Clarks Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clarks Hill 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 Clarks Hill's effective property tax rate to other areas in Montgomery County and the national median. For comparison, the zip code 47930 has the same median property tax rate of 0.64%. Understanding how these areas compare with Clarks Hill provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clarks Hill Tax Rate
0.64%
Average Montgomery County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clarks Hill, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47930 | 0.46% | 0.56% | 0.64% | 0.78% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Clarks Hill, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Clarks Hill, 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 Montgomery 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 Clarks Hill, 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 Clarks Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47930 has both the highest and lowest median tax bill, standing at $1,667.
Average Clarks Hill Assessed Value
$280,100
Average Montgomery County Assessed Value
$158,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clarks Hill, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47930 | $112,820 | $236,500 | $280,100 | $321,200 | $393,080 |
Source: Ownwell
Property Tax Bills Across Clarks Hill, Indiana
In Clarks Hill, Montgomery County, IN, property tax bills are determined by assessing the value of each property and applying the local tax rate to this assessed value. The median home price in the area is $280,100. The property tax rate is influenced by local government budgets and the needs of public services such as schools, infrastructure, and emergency services. For homeowners, this means that the assessed value of their property significantly impacts their annual tax bill. For example, tax bills in Clarks Hill range from the 25th percentile at $1,346 to the 75th percentile at $2,412, with the 90th percentile reaching up to $3,494. The highest and lowest median tax bills in the area are both $1,667, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Clarks Hill homeowners experience a range of tax burdens that reflect both property values and local tax policies. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Clarks Hill Tax Bill
$1,667
Average Montgomery County Tax Bill
$1,357
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Clarks Hill, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47930 | $1,104 | $1,346 | $1,667 | $2,412 | $3,494 |
Source: Ownwell