Russellville, Indiana Property Taxes
The median property tax rate in Russellville, IN is 0.75%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Russellville at $80,850, the typical annual property tax bill amounts to $554, significantly below the national median of $2,690. Property taxes in Russellville are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a comprehensive understanding of Russellville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Russellville 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
Russellville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$606
Ownwell’s Russellville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russellville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russellville 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 Russellville, Indiana
Property taxes in Russellville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russellville is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Russellville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russellville 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 Russellville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46175 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Russellville provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russellville Tax Rate
0.75%
Average Putnam County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russellville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46175 | 0.35% | 0.49% | 0.75% | 1.48% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Russellville, Indiana
In Russellville, 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 Putnam County Assessor's 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. 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 Russellville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Russellville, the zip code with the highest median tax bill is 46175, with a median tax bill of $554.00, while the lowest median tax bill is also in the 46175 zip code, reflecting the same amount.
Average Russellville Assessed Value
$80,850
Average Putnam County Assessed Value
$120,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russellville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46175 | $20,940 | $50,400 | $80,850 | $128,725 | $206,500 |
Source: Ownwell
Property Tax Bills Across Russellville, Indiana
In Russellville, Putnam County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property location, size, and market conditions play a significant role in the assessment process. Homeowners in Russellville experience varying tax bills, with the 25th percentile paying around $312, while those in the 75th percentile face bills up to $1,316. The highest tax bills, in the 90th percentile, can reach $1,999. These figures highlight the range of property taxes in the area, influenced by home values and specific assessments. For comparison, the national median property tax rate stands at 0.99%, indicating that Russellville's property tax rates and bills are relatively moderate. Homeowners must budget for these taxes as they impact overall housing costs and affordability.
Average Russellville Tax Bill
$554
Average Putnam County Tax Bill
$978
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Russellville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46175 | $188 | $312 | $554 | $1,316 | $1,999 |
Source: Ownwell