Thorntown, Boone County, Indiana Property Taxes

Name: Property Tax Bills Across Thorntown, Boone County, Indiana
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Thorntown, IN effective property tax rate: 0.75%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Thorntown, IN home value: $209,250
Median annual Thorntown, IN tax bill: $1,728, $672 lower than the national median property tax bill of $2,400.

How are property taxes in Boone County calculated?

Property taxes in Thorntown, IN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Thorntown’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Thorntown, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Thorntown, Boone County, Indiana Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.75%

Estimate Property Tax Bill

$1,569

$1,456

Ownwell’s Thorntown Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Thorntown with just two data points. By entering your property's estimated assessed value, our calculator applies Thorntown’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Boone County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Thorntown, Boone County, Indiana

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. In Thorntown, located in Boone County, Indiana, the effective property tax rate is 0.75%. This rate is lower than the national median property tax rate of 1.02%, offering residents a more favorable tax environment. When comparing property tax bills, Thorntown's residents benefit from a lower financial burden compared to the national median property tax bill of $2,400. This advantageous rate can make Thorntown a more attractive place to own property. Understanding these local variations in property tax rates can be crucial for homeowners and prospective buyers when making decisions about property investments.

Property Tax Rates Across Thorntown, Boone County, Indiana

Source: Ownwell

0.64%

0.87%

1.10%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Thorntown Tax Rate

0.75%

Median Effective Boone County Tax Rate

1.01%

Median Effective Indiana Tax Rate

0.99%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Thorntown, Boone County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
46071	0.52%	0.63%	0.75%	1.01%	1.66%

Source: Ownwell

Property Tax Assessment Values Across Thorntown, Boone County, Indiana

When examining property taxes in Thorntown, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Boone County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Boone County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Thorntown.

For example, the median home price in Thorntown is $209,250, with tax bills ranging significantly across the county. Zip code 46071 has the highest median home price at $209,250.

Property Tax Assessment Values Across Thorntown, Boone County, Indiana

Source: Ownwell

$139,650

$329,025

$518,400

Median Thorntown Market Value

$209,250

Median Boone County Market Value

$327,200

Median Indiana Market Value

$170,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Thorntown, Boone County, Indiana

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
46071	$88,880	$139,475	$209,250	$323,675	$478,030

Source: Ownwell

Property Tax Bills Across Thorntown, Boone County, Indiana

In Thorntown, Boone County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The tax rate is applied to this assessed value to calculate the tax bill. With a median home price of $209,250, homeowners in Thorntown face a median property tax bill of $1,728, which is below the national median of $2,400. The tax bill can vary significantly, with the 25th percentile at $1,030 and the 75th percentile at $2,678, reflecting the diversity in property values and assessments within the area.

Factors influencing the tax bill include property size, location, and any applicable exemptions. High property taxes can impact homeowners by increasing the overall cost of homeownership. Ownwell assists homeowners by identifying potential savings through property tax appeals and exemptions. By leveraging local expertise and understanding of the assessment process, Ownwell can help reduce the financial burden of property taxes, ensuring that homeowners pay only their fair share.

Property Tax Bills Across Thorntown, Boone County, Indiana

Source: Ownwell

$1,185

$3,354

$5,523

Median Thorntown Tax Bill

$1,728

Median Boone County Tax Bill

$3,263

Median Indiana Tax Bill

$1,691

Median United States Tax Bill

$2,400

Property Tax Bills Across Thorntown, Boone County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
46071	$618	$1,030	$1,728	$2,678	$3,935

Source: Ownwell