Elberfeld, Indiana Property Taxes
The median property tax rate in Elberfeld, IN is 1.09%, slightly higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Elberfeld at $158,200, the typical annual property tax bill reaches $2,268, which is below the national median of $2,690. Property taxes in Elberfeld 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 Elberfeld'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 Elberfeld 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
Elberfeld, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,724
Ownwell’s Elberfeld Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elberfeld with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elberfeld 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 Elberfeld, Indiana
Property taxes in Elberfeld, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elberfeld is 0.81%, lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Elberfeld set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elberfeld 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 Elberfeld's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47613 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Elberfeld provides valuable insights into the varying tax landscape across Vanderburgh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elberfeld Tax Rate
1.09%
Average Vanderburgh County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elberfeld, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47613 | 1.00% | 1.01% | 1.09% | 1.39% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Elberfeld, Indiana
In Elberfeld, 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 Vanderburgh 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 Elberfeld, 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. For instance, the median home price in Elberfeld is $158,200, with tax bills ranging from $1,433 at the 25th percentile to $3,130 at the 75th percentile, and up to $3,345 at the 90th percentile. The zip code 47613 has both the highest and lowest median tax bill at $2,268. 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 Elberfeld helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elberfeld Assessed Value
$158,200
Average Vanderburgh County Assessed Value
$135,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elberfeld, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47613 | $126,500 | $141,350 | $158,200 | $190,325 | $232,670 |
Source: Ownwell
Property Tax Bills Across Elberfeld, Indiana
In Elberfeld, located in Vanderburgh County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio. Homeowners in Elberfeld can expect property tax bills that vary significantly depending on their property's assessed value and applicable tax rates. For instance, the median home price in Elberfeld is $158,200, leading to a range of property tax bills. At the 25th percentile, homeowners might see a tax bill of around $1,433, while those at the 75th percentile could face bills as high as $3,130. The 90th percentile tax bill reaches up to $3,345. These figures indicate that property taxes in Elberfeld can significantly impact household finances, with the highest median tax bill in the area being $2,268. Compared to the national median property tax rate of 0.99%, Elberfeld's property taxes reflect the local economic conditions and property values, influencing how much homeowners pay annually.
Average Elberfeld Tax Bill
$2,268
Average Vanderburgh County Tax Bill
$1,483
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Elberfeld, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47613 | $1,268 | $1,433 | $2,268 | $3,130 | $3,345 |
Source: Ownwell