Monroe, Indiana Property Taxes
The median property tax rate in Monroe, IN is 0.81%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Monroe at $209,550, the typical annual property tax bill reaches $1,785, which is less than the national median of $2,690. Property taxes in Monroe 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 Monroe'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 Monroe 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
Monroe, 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 Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe, Indiana
Property taxes in Monroe, Indiana, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Monroe is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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. Understanding Monroe's effective property tax rate compared to other counties in Indiana and the national median provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
0.81%
Average Adams County Tax Rate
0.84%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46772 | 0.53% | 0.66% | 0.81% | 0.97% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Indiana
In Monroe, 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 local 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 Monroe, 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 Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Monroe is 46772, with a median tax bill of $1,785.
Average Monroe Assessed Value
$209,550
Average Adams County Assessed Value
$154,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46772 | $98,200 | $133,875 | $209,550 | $298,525 | $394,600 |
Source: Ownwell
Property Tax Bills Across Monroe, Indiana
In Monroe, IN, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition, as well as recent sales of similar properties in the area. For homeowners, this means that improvements or changes to the property can affect their tax bill. In Monroe, the median home price is $209,550, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $978, while at the 75th percentile, it is $2,654. At the 90th percentile, homeowners can expect to pay around $4,035 annually. These variations highlight how different factors can influence the overall tax burden, impacting homeowners' financial planning and housing affordability.
Average Monroe Tax Bill
$1,785
Average Adams County Tax Bill
$1,348
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46772 | $564 | $978 | $1,785 | $2,654 | $4,035 |
Source: Ownwell