Russellville, Indiana Property Taxes
The median property tax rate in Russellville, Indiana is 1.08%, higher than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $382,800 in Russellville, the typical annual property tax bill amounts to $4,122, surpassing the national median of $2,690. Property taxes in Russellville 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 Russellville'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 Russellville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Russellville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$4,134
Ownwell’s Russellville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russellville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russellville 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 Russellville, Indiana
Property taxes in Russellville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russellville is 1.08%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Russellville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russellville 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 Russellville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46175 zip code has the highest median property tax rate of 1.08%, while the 46175 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Russellville 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 Russellville Tax Rate
1.08%
Average Montgomery County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russellville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46175 | 0.62% | 0.79% | 1.08% | 1.20% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Russellville, Indiana
In Russellville, 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 local appraisal authorities 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 Russellville, 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 Russellville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46175, with a median tax bill of $4,122.00, which is significantly higher than the national median property tax rate of 0.99%.
Average Russellville Assessed Value
$382,800
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 Russellville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46175 | $192,720 | $264,000 | $382,800 | $440,850 | $475,680 |
Source: Ownwell
Property Tax Bills Across Russellville, Indiana
In Russellville, Montgomery County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value reflects the market value of the property, and the tax rate is applied to this assessed value to determine the tax bill. The median home price in Russellville is $382,800. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile tax bill around $2,430 and the 75th percentile reaching up to $5,384. For those in the 90th percentile, tax bills can climb to $6,141. The property tax rate in Russellville can be compared to the national median property tax rate of 0.99%. Homeowners need to be aware of these variations as they can affect their annual financial planning. Understanding how these factors influence property taxes can help homeowners better anticipate their expenses and manage their budgets more effectively.
Average Russellville Tax Bill
$4,122
Average Montgomery County Tax Bill
$1,357
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Russellville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46175 | $1,415 | $2,430 | $4,122 | $5,384 | $6,141 |
Source: Ownwell