Monterey, Indiana Property Taxes
The median property tax rate in Monterey, Indiana is 1.00%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Monterey at $71,850, the typical annual property tax bill reaches $422, which is significantly lower than the national median of $2,690. Property taxes in Monterey are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Monterey'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 Monterey 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
Monterey, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$719
Ownwell’s Monterey Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monterey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monterey to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Monterey, Indiana
Property taxes in Monterey, Indiana, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Monterey is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Monterey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monterey 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 Monterey's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46960 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Monterey provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monterey Tax Rate
1.00%
Average Pulaski County Tax Rate
0.66%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monterey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46960 | 0.34% | 0.51% | 1.00% | 1.12% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Monterey, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Monterey, Indiana. 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 Pulaski 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 Monterey, 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 Monterey is $71,850, with tax bills ranging from $188 at the 25th percentile to $1,762 at the 90th percentile. The zip code 46960 has the highest and lowest median tax bill of $422. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monterey Assessed Value
$71,850
Average Pulaski County Assessed Value
$99,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monterey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46960 | $6,200 | $18,425 | $71,850 | $128,475 | $206,050 |
Source: Ownwell
Property Tax Bills Across Monterey, Indiana
In Monterey, Pulaski County, IN, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. The median home price in Monterey is $71,850. Property taxes are a significant consideration for homeowners, as they directly impact annual expenses. The tax bill varies widely depending on the assessed value and applicable tax rate. For example, the 25th percentile tax bill is $188, while the 75th percentile tax bill is $955. At the higher end, the 90th percentile tax bill reaches $1,762. These values reflect the range of property taxes that homeowners might expect, influenced by factors such as property improvements and neighborhood changes. Compared to the national median property tax rate of 0.99%, the property tax rate in Monterey can be seen as relatively moderate. This affects homeowners by determining their annual financial obligations and influencing decisions related to property investments and homeownership affordability. Understanding these factors helps homeowners better manage their finances and plan for future expenses.
Average Monterey Tax Bill
$422
Average Pulaski County Tax Bill
$631
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Monterey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46960 | $70 | $188 | $422 | $955 | $1,762 |
Source: Ownwell