Richmond, Indiana Property Taxes
The median property tax rate in Richmond, IN is 1.79%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Richmond, the typical annual property tax bill reaches $2,018, exceeding the national median of $2,690. Property taxes in Richmond 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 Richmond'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 Richmond 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
Richmond, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.79%
Estimate Property Tax Bill
$3,070
Ownwell’s Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond 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 Richmond, Indiana
Property taxes in Richmond, Indiana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 1.79%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47374 zip code has both the highest and lowest median property tax rate of 1.79%. Understanding how these cities compare with Richmond provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
1.79%
Average Union County Tax Rate
1.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47374 | 0.98% | 1.09% | 1.79% | 1.91% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Indiana
In Richmond, 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 Union 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. In Richmond, 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. Richmond's median home price is $171,500, with property tax bills ranging from $1,846 at the 25th percentile to $5,268 at the 90th percentile. The highest and lowest median tax bills are both $2,018, found in the 47374 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richmond Assessed Value
$171,500
Average Union County Assessed Value
$88,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47374 | $97,280 | $119,525 | $171,500 | $211,875 | $303,500 |
Source: Ownwell
Property Tax Bills Across Richmond, Indiana
In Richmond, Indiana, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Richmond can expect a property tax bill that varies depending on the value of their home. For instance, the median home price in Richmond is $171,500, and the property tax rate in Union County is used to calculate the tax bill. Several factors influence the final tax bill, including property improvements, location, and market conditions. Homeowners in the 25th percentile can expect a tax bill of approximately $1,846, while those in the 75th percentile might see bills around $2,958. For properties in the 90th percentile, tax bills can reach up to $5,268. These variations significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Comparing these figures to the national median property tax rate of 0.99%, it’s clear that Richmond’s property tax rates can be quite variable, reflecting the diverse property values within the area.
Average Richmond Tax Bill
$2,018
Average Union County Tax Bill
$864
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47374 | $1,627 | $1,846 | $2,018 | $2,958 | $5,268 |
Source: Ownwell