Modoc, Indiana Property Taxes
The median property tax rate in Modoc, Indiana is 0.83%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Modoc at $114,950, the typical annual property tax bill is $982, falling below the national median of $2,690. Property taxes in Modoc are calculated based on the tax assessed value, which often is less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Modoc'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 Modoc or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Modoc, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$954
Ownwell’s Modoc Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Modoc with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Modoc 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 Modoc, Indiana
Property taxes in Modoc, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Modoc is 0.83%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Modoc set these rates annually, and they can vary significantly across different neighborhoods. Each year, Modoc 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 Modoc's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47358 zip code has the highest median property tax rate of 0.83%, while the 47358 zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Modoc provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Modoc Tax Rate
0.83%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Modoc, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47358 | 0.40% | 0.62% | 0.83% | 1.34% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Modoc, Indiana
In Modoc, 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 Randolph 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 Modoc, 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 Modoc helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Modoc are both $982.00 in zip code 47358, highlighting the uniformity in tax assessments across the area.
Average Modoc Assessed Value
$114,950
Average Randolph County Assessed Value
$87,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Modoc, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47358 | $23,960 | $54,275 | $114,950 | $182,900 | $280,540 |
Source: Ownwell
Property Tax Bills Across Modoc, Indiana
In Modoc, Randolph County, Indiana, 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 and apply a specific assessment ratio. Homeowners in Modoc typically see a range of property tax bills, with the 25th percentile at $408 and the 75th percentile at $1,717. Several factors influence the final tax bill, including the property's location, size, and condition, as well as any applicable exemptions or deductions. For instance, properties in the 47358 zip code have a median tax bill of $982, reflecting both the highest and lowest median tax bills in the area. Compared to the national median property tax rate of 0.99%, Modoc's property tax rates can significantly impact homeowners. Lower tax bills can make homeownership more affordable, while higher bills may necessitate careful financial planning. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Modoc Tax Bill
$982
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Modoc, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47358 | $217 | $408 | $982 | $1,717 | $3,038 |
Source: Ownwell