Mount Vernon, Indiana Property Taxes
The median property tax rate in Mount Vernon, IN is 0.92%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $145,050, the typical annual property tax bill in Mount Vernon comes to $1,289, which is lower than the national median of $2,690. Property taxes in Mount Vernon are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Mount Vernon's property tax system, exploring the available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in the heart of Mount Vernon or another part of Posey County, familiarizing yourself with the local property tax system will benefit homeowners and real estate investors alike.
Last Updated June 14, 2024
Mount Vernon, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,334
Ownwell’s MOUNT VERNON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT VERNON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT VERNON 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 Mount Vernon, Indiana
Property taxes in Mount Vernon, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 0.92%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Mount Vernon's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47620 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Mount Vernon provides valuable insights into the varying tax landscape across Posey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Vernon Tax Rate
0.92%
Average Posey County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47620 | 0.54% | 0.71% | 0.92% | 1.02% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Indiana
In Mount Vernon, 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 Posey 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 Mount Vernon, 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. For instance, the median home price in Mount Vernon is $145,050, with tax bills ranging from $715 at the 25th percentile to $2,808 at the 90th percentile. The zip code 47620 has both the highest and lowest median tax bills at $1,289. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Vernon Assessed Value
$145,050
Average Posey County Assessed Value
$149,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Vernon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47620 | $36,700 | $85,100 | $145,050 | $212,500 | $305,670 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Indiana
In Mount Vernon, Posey County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $145,050, the tax bill can vary significantly depending on the specific assessment and applicable exemptions. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Mount Vernon experience a range of tax bills, with the 25th percentile paying around $715 annually, while those in the 75th percentile pay up to $1,929, and the 90th percentile reaching $2,808. The highest median tax bill recorded in the area is $1,289, consistent across the zip code 47620. Compared to the national median property tax rate of 0.99%, homeowners in Mount Vernon may find their property tax bills relatively manageable, yet still impactful on their overall homeownership costs.
Average Mount Vernon Tax Bill
$1,289
Average Posey County Tax Bill
$1,290
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47620 | $359 | $715 | $1,289 | $1,929 | $2,808 |
Source: Ownwell