Friendship, Indiana Property Taxes
The median property tax rate in Friendship, IN is 0.81%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $41,650 in Friendship, the typical annual property tax bill amounts to $709, significantly less than the national median of $2,690. Property taxes in Friendship are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Friendship'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 Friendship or another part of Ripley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Friendship, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Friendship Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Friendship using just two simple data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Friendship to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Friendship, Indiana
Property taxes in Friendship, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Friendship is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Friendship set these rates annually, and they can vary significantly across different neighborhoods. Each year, Friendship 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 Friendship's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47021 has both the highest and lowest median property tax rates of 0.81%. Understanding how these areas compare with Friendship provides valuable insights into the varying tax landscape across Ripley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Friendship Tax Rate
0.81%
Average Ripley County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Friendship, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47021 | 0.36% | 0.48% | 0.81% | 1.66% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Friendship, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Friendship, 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 Ripley County Appraisal District 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 Friendship, 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. The median home price in Friendship is $41,650, with tax bills ranging from $348 at the 25th percentile to $1,768 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Friendship Assessed Value
$41,650
Average Ripley County Assessed Value
$137,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Friendship, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47021 | $3,000 | $5,750 | $41,650 | $90,375 | $127,410 |
Source: Ownwell
Property Tax Bills Across Friendship, Indiana
In Friendship, located in Ripley County, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The tax bill is influenced by the assessed value, which is a percentage of the home's market value, and the local tax rate. For instance, with a median home price of $41,650, homeowners can expect property tax bills around $709. However, this can vary significantly. For example, the 25th percentile tax bill is approximately $348, while the 75th percentile tax bill rises to about $1,346, and the 90th percentile tax bill can reach up to $1,768. These variations are due to differences in property values and applicable exemptions. When compared to the national median property tax rate of 0.99%, the tax rates in Friendship can be considered relatively moderate, impacting homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Friendship Tax Bill
$709
Average Ripley County Tax Bill
$1,170
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Friendship, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47021 | $256 | $348 | $709 | $1,346 | $1,768 |
Source: Ownwell