Branchville, Indiana Property Taxes
The median property tax rate in Branchville, IN is 0.92%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Branchville at $118,700, the typical annual property tax bill reaches $961, which is notably less than the national median of $2,690. Property taxes in Branchville 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 Branchville'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 Branchville 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
Branchville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,092
Ownwell’s Branchville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Branchville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Branchville 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 Branchville, Indiana
Property taxes in Branchville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Branchville is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Branchville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Branchville 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 Branchville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47514 zip code has the highest median property tax rate of 0.92%, while the 47514 zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Branchville provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Branchville Tax Rate
0.92%
Average Perry County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Branchville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47514 | 0.42% | 0.65% | 0.92% | 1.10% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Branchville, Indiana
In Branchville, 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 Perry 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 Branchville, 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 Branchville 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 in Branchville is 47514, with a median tax bill of $961.00.
Average Branchville Assessed Value
$118,700
Average Perry County Assessed Value
$97,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Branchville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47514 | $23,800 | $70,400 | $118,700 | $162,900 | $203,060 |
Source: Ownwell
Property Tax Bills Across Branchville, Indiana
In Branchville, Perry County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the home. For example, with a median home price of $118,700, the assessed value is used to calculate the property tax owed. The tax rate is then applied to this assessed value to determine the final tax bill. Various factors influence the tax bill, including local tax rates, property assessments, and any applicable exemptions or deductions. Homeowners in Branchville can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is around $377, while the 75th percentile tax bill is about $1,629, and at the 90th percentile, it reaches $2,297. The highest and lowest median tax bills in the area are both $961, reflecting the uniformity in certain regions. These property tax bills impact homeowners by affecting their annual expenses and potentially influencing their decisions to purchase or sell property in the area.
Average Branchville Tax Bill
$961
Average Perry County Tax Bill
$927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Branchville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47514 | $195 | $377 | $961 | $1,629 | $2,297 |
Source: Ownwell