Connersville, Indiana Property Taxes
The median property tax rate in Connersville, IN is 1.17%, notably higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Connersville at $219,200, the typical annual property tax bill reaches $2,986, surpassing the national median of $2,690. Property taxes in Connersville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Connersville'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 Connersville 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
Connersville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$2,565
Ownwell’s Connersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Connersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Connersville 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 Connersville, Indiana
Property taxes in Connersville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Connersville is 1.17%, higher than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Connersville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Connersville 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 Connersville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47331 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Connersville provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Connersville Tax Rate
1.17%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Connersville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | 1.11% | 1.11% | 1.17% | 1.36% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Connersville, Indiana
In Connersville, 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 Wayne 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 Connersville, 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. The median home price in Connersville is $219,200, with the 25th percentile tax bill at $2,288 and the 75th percentile tax bill at $3,445. The highest median tax bill in the area is $2,986, found in the 47331 zip code, which also has the lowest median tax bill at the same value. 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 their tax burden.
Average Connersville Assessed Value
$219,200
Average Wayne County Assessed Value
$92,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Connersville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | $133,360 | $182,600 | $219,200 | $311,100 | $394,620 |
Source: Ownwell
Property Tax Bills Across Connersville, Indiana
Property tax bills in Connersville, Wayne County, IN, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors are considered in this process, including the property's market value, any improvements made, and comparable property values in the area. Homeowners in Connersville can expect to see a range of tax bills depending on their property's assessed value. For instance, those in the 25th percentile pay around $2,288 annually, while those in the 75th percentile see bills closer to $3,445. The highest tax bills, in the 90th percentile, can reach up to $4,539. These figures stand out when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for their annual property tax expenses.
Average Connersville Tax Bill
$2,986
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Connersville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | $2,142 | $2,288 | $2,986 | $3,445 | $4,539 |
Source: Ownwell