Earl Park, Benton County, Indiana Property Taxes
The median property tax rate in Earl Park, IN is 0.75%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Earl Park at $109,250, the typical annual property tax bill amounts to $895, significantly below the national median of $2,690. Property taxes in Earl Park are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Earl Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Earl Park 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
Earl Park, Benton County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$819
$760
Ownwell’s Earl Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Earl Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Earl Park 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 Benton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Earl Park, Benton County, Indiana
Property taxes in Earl Park, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Earl Park is 0.75%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Earl Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Earl Park 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 Earl Park's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47942 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Earl Park provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Earl Park Tax Rate
0.75%
Average Benton County Tax Rate
0.89%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Earl Park, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47942 | 0.32% | 0.51% | 0.75% | 1.15% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Earl Park, Benton County, Indiana
In Earl Park, 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 Benton 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 Earl Park, 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 Earl Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47942 in Earl Park has the highest median tax bill of $895.00, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Earl Park, Benton County, Indiana
Source: Ownwell
$55,400
$158,875
$262,350
Average Earl Park Assessed Value
$109,250
Average Benton County Assessed Value
$140,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Earl Park, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47942 | $41,160 | $76,375 | $109,250 | $177,600 | $278,650 |
Source: Ownwell
Property Tax Bills Across Earl Park, Benton County, Indiana
In Earl Park, located in Benton County, IN, property tax bills are calculated based on the assessed value of the home. The assessed value is determined by the county assessor, who evaluates the market value of the property. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. For example, the median home price in Earl Park is $109,250, which can give homeowners an idea of what their property might be valued at for tax purposes. Various factors influence the total tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Earl Park can expect their property tax bills to vary, with the 25th percentile tax bill at $451 and the 75th percentile reaching $1,603. The highest median tax bill recorded in the area is $895. These property taxes are essential for funding local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Earl Park Tax Bill
$895
Average Benton County Tax Bill
$1,355
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Earl Park, Benton County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47942 | $203 | $451 | $895 | $1,603 | $2,528 |
Source: Ownwell