Roanoke, Indiana Property Taxes
The median property tax rate in Roanoke, IN is 0.77%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Roanoke at $295,550, the typical annual property tax bill amounts to $2,381, falling below the national median of $2,690. Property taxes in Roanoke are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Roanoke'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 Roanoke 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
Roanoke, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$2,276
Ownwell’s Roanoke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roanoke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roanoke 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 Roanoke, Indiana
Property taxes in Roanoke, Indiana, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Roanoke is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Roanoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roanoke 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 Roanoke's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46783 has both the highest and lowest median property tax rate of 0.77%. Understanding how these areas compare with Roanoke provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roanoke Tax Rate
0.77%
Average Allen County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roanoke, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46783 | 0.66% | 0.72% | 0.77% | 0.82% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Roanoke, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Roanoke, Indiana. The market value represents 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 Allen 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 Roanoke, 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. For example, the median home price in Roanoke is $295,550, with tax bills ranging from $1,672 at the 25th percentile to $4,435 at the 90th percentile. The highest and lowest median tax bills are both $2,381 in the 46783 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Roanoke Assessed Value
$295,550
Average Allen County Assessed Value
$172,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Roanoke, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46783 | $171,410 | $226,225 | $295,550 | $399,050 | $520,630 |
Source: Ownwell
Property Tax Bills Across Roanoke, Indiana
In Roanoke, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. The assessed value is a percentage of the property's market value. For homeowners, this means that the higher the market value of their property, the higher their property tax bill will be. The median home price in Roanoke is $295,550, and property tax rates are applied to this assessed value to determine the tax bill. The tax bill can vary significantly, with the 25th percentile at $1,672 and the 75th percentile at $3,226. At the 90th percentile, homeowners might see bills as high as $4,435. These figures highlight the range of potential tax burdens depending on property values and specific assessments. Compared to the national median property tax rate of 0.99%, Roanoke's property tax rates can be relatively moderate or steep, affecting homeowners' annual financial planning.
Average Roanoke Tax Bill
$2,381
Average Allen County Tax Bill
$1,797
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Roanoke, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46783 | $1,179 | $1,672 | $2,381 | $3,226 | $4,435 |
Source: Ownwell