Thorntown, Indiana Property Taxes
The median property tax rate in Thorntown, IN is 0.61%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $192,950 in Thorntown, the typical annual property tax bill amounts to $1,211, falling well below the national median of $2,690. Property taxes in Thorntown are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Thorntown'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 Thorntown 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
Thorntown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,177
Ownwell’s Thorntown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorntown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorntown 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 Thorntown, Indiana
Property taxes in Thorntown, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorntown is 0.61%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Thorntown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorntown 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 Thorntown's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46071 has a median property tax rate of 0.61%. Understanding how these cities compare with Thorntown 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 Thorntown Tax Rate
0.61%
Average Montgomery County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thorntown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46071 | 0.50% | 0.53% | 0.61% | 0.68% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Thorntown, Indiana
In Thorntown, 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 Assessment 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 Thorntown, 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 Thorntown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Thorntown is $192,950, with the highest and lowest median tax bills both at $1,211 in the zip code 46071.
Average Thorntown Assessed Value
$192,950
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 Thorntown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46071 | $150,870 | $168,550 | $192,950 | $223,300 | $332,950 |
Source: Ownwell
Property Tax Bills Across Thorntown, Indiana
In Thorntown, located in Montgomery County, IN, 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 then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Thorntown, the median home price is $192,950. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,173 and the 75th percentile at $1,258, indicating that most homeowners fall within this range. However, some homeowners may see tax bills as high as $2,180, which is the 90th percentile. The highest and lowest median tax bills in Thorntown are both $1,211, which is above the national median property tax rate of 0.99%. This suggests that local tax rates and assessed values in Thorntown can lead to higher property tax bills compared to the national average, impacting homeowners by potentially increasing their annual housing costs significantly.
Average Thorntown Tax Bill
$1,211
Average Montgomery County Tax Bill
$1,357
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Thorntown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46071 | $827 | $1,173 | $1,211 | $1,258 | $2,180 |
Source: Ownwell