Union City, Indiana Property Taxes
The median property tax rate in Union City, IN is 1.01%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Union City at $69,300, the typical annual property tax bill is $788, which is lower than the national median of $2,690. Property taxes in Union City 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 Union City'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 Union City 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
Union City, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$700
Ownwell’s Union City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union City 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 Union City, Indiana
Property taxes in Union City, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union City is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Union City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union City 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 Union City's effective property tax rate to other counties in Indiana and the national median. For comparison, the ZIP code 47390 has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Union City 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 Union City Tax Rate
1.01%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47390 | 0.53% | 0.83% | 1.01% | 1.93% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Union City, Indiana
In Union City, 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 Union City, 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 Union City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47390 has both the highest and lowest median tax bill, standing at $788.
Average Union City Assessed Value
$69,300
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 Union City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47390 | $29,800 | $45,900 | $69,300 | $115,400 | $179,280 |
Source: Ownwell
Property Tax Bills Across Union City, Indiana
In Union City, located in Randolph County, Indiana, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $69,300. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property location, size, and improvements can influence the assessed value and, consequently, the tax bill. For homeowners in Union City, the tax bill can vary significantly. The 25th percentile tax bill is around $535, while the 75th percentile tax bill reaches $1,268. For those in the 90th percentile, the tax bill can be as high as $2,143. The median tax bill in the area is $788, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, emergency services, and infrastructure. Understanding how these taxes are calculated can help homeowners anticipate their financial obligations and plan accordingly.
Average Union City Tax Bill
$788
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Union City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47390 | $295 | $535 | $788 | $1,268 | $2,143 |
Source: Ownwell