Advance, Indiana Property Taxes
The median property tax rate in Advance, IN is 0.84%, 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 Advance at $139,650, the typical annual property tax bill amounts to $1,185, falling below the national median of $2,690. Property taxes in Advance are calculated based on the tax assessed value, which usually is less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Advance'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 Advance or another part of Boone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Advance, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,173
Ownwell’s Advance Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Advance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Advance 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 Advance, Indiana
Property taxes in Advance, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Advance is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Advance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Advance 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 Advance's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46102 within Boone County has both the highest and lowest median property tax rate of 0.84%. Understanding how these cities compare with Advance provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Advance Tax Rate
0.84%
Average Boone County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Advance, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46102 | 0.50% | 0.69% | 0.84% | 1.18% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Advance, Indiana
In Advance, 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 Boone County Assessor’s Office 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 Advance, 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 Advance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46102 has the highest median tax bill at $1,185, and interestingly, it also has the lowest median tax bill at $1,185.
Average Advance Assessed Value
$139,650
Average Boone County Assessed Value
$327,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Advance, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46102 | $69,590 | $106,425 | $139,650 | $177,575 | $220,920 |
Source: Ownwell
Property Tax Bills Across Advance, Indiana
In Advance, Boone County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Advance, the median home price is $139,650. The tax bills vary significantly, with the 25th percentile at $691 and the 75th percentile at $1783, reflecting the diverse range of property values and tax rates within the area. The 90th percentile tax bill reaches $2412, indicating the higher end of the spectrum for more valuable properties. Comparatively, the highest median tax bill in the area is $1185, which aligns with the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, roads, and emergency services, directly impacting homeowners by contributing to the quality of local infrastructure and community resources. Understanding these factors can help homeowners anticipate their financial obligations and the benefits they receive in return.
Average Advance Tax Bill
$1,185
Average Boone County Tax Bill
$3,263
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Advance, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46102 | $359 | $691 | $1,185 | $1,783 | $2,412 |
Source: Ownwell