Rome, Indiana Property Taxes
The median property tax rate in Rome, IN is 1.14%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Rome at $69,200, the typical annual property tax bill reaches $817, which is below the national median of $2,690. Property taxes in Rome 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 Rome'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 Rome 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
Rome, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$789
Ownwell’s Rome Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Rome. By simply inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Rome to provide an accurate estimate of your property tax bill. This tool is designed to give you a clear understanding of your potential tax liabilities. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, plays a crucial role in these calculations, taking into account any applicable exemptions.
Property Tax Rates Across Rome, Indiana
Property taxes in Rome, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rome is 1.14%, higher than the U.S. national median of 0.99%. Local government entities within Rome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rome 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 Rome's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47574 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Rome 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 Rome Tax Rate
1.14%
Average Perry County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rome, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47574 | 0.62% | 0.86% | 1.14% | 1.91% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Rome, Indiana
In Rome, 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 Appraisal District 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 Rome, 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 Rome is $69,200, and the property tax bills range from $427 at the 25th percentile to $2,101 at the 90th percentile. The zip code 47574 has both the highest and lowest median tax bill at $817. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rome Assessed Value
$69,200
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 Rome, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47574 | $13,040 | $38,075 | $69,200 | $125,350 | $176,110 |
Source: Ownwell
Property Tax Bills Across Rome, Indiana
In Rome, Perry County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property’s market value. Various factors such as the size of the property, location, and any improvements made to the home are considered. Homeowners in Rome can expect a range of property tax bills, with the 25th percentile paying around $427 and the 75th percentile paying up to $1,378. At the 90th percentile, tax bills can reach $2,101. This variability in tax bills can significantly affect homeowners, especially when compared to the national median property tax rate of 0.99%. For example, with a median home price of $69,200 in Rome, homeowners might find their property tax bills either more manageable or burdensome depending on their specific assessed value. Understanding how these factors influence tax bills helps homeowners budget effectively and anticipate any changes in their annual financial obligations.
Average Rome Tax Bill
$817
Average Perry County Tax Bill
$927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Rome, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47574 | $200 | $427 | $817 | $1,378 | $2,101 |
Source: Ownwell