Hillsboro, Indiana Property Taxes
The median property tax rate in Hillsboro, IN is 0.60%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Hillsboro, the typical annual property tax bill reaches $1,761, significantly below the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hillsboro'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 Hillsboro 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
Hillsboro, 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 Hillsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro 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 Hillsboro, Indiana
Property taxes in Hillsboro, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 0.60%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other regions in Indiana and the national median. For comparison, the 47949 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Hillsboro 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 Hillsboro Tax Rate
0.60%
Average Montgomery County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47949 | 0.53% | 0.53% | 0.60% | 1.17% | 3.29% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Indiana
In Hillsboro, 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 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 Hillsboro, 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. The median home price in Hillsboro is $199,400, with annual tax bills ranging from $1,297 at the 25th percentile to $1,903 at the 75th percentile, and up to $2,331 at the 90th percentile. The highest and lowest median tax bills are both $1,761, found in the 47949 zip code. Being aware of these valuation processes in Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hillsboro Assessed Value
$199,400
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 Hillsboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47949 | $94,100 | $164,150 | $199,400 | $242,950 | $353,100 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Indiana
In Hillsboro, Montgomery County, IN, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local assessors who evaluate the market value of the home. This value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions are considered in the assessment process. For homeowners in Hillsboro, the tax bill can vary significantly. For instance, the median home price is $199,400, and the tax bill at the 25th percentile is $1,297, while at the 75th percentile, it is $1,903. At the 90th percentile, homeowners may pay up to $2,331. Compared to the national median property tax rate of 0.99%, Hillsboro's tax rates can be relatively high or low, depending on the specific property and its assessed value. This variability means that homeowners need to be aware of their property's assessed value to understand their tax obligations fully.
Average Hillsboro Tax Bill
$1,761
Average Montgomery County Tax Bill
$1,357
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47949 | $1,116 | $1,297 | $1,761 | $1,903 | $2,331 |
Source: Ownwell