Burrows, Indiana Property Taxes
The median property tax rate in Burrows, IN is 0.52%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Burrows at $46,100, the typical annual property tax bill is $186, far below the national median of $2,690. Property taxes in Burrows are calculated 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 Burrows' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Burrows or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Burrows, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$240
Ownwell’s Burrows Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burrows with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burrows 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 Burrows, Indiana
Property taxes in Burrows, Indiana, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Burrows is 0.52%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Burrows set these rates annually, and they can vary across different neighborhoods. Each year, Burrows 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 Burrows' effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46916 has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Burrows provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burrows Tax Rate
0.52%
Average Carroll County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burrows, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46916 | 0.20% | 0.25% | 0.52% | 1.08% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Burrows, Indiana
In Burrows, 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 Carroll 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 Burrows, 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 Burrows helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill is 46916 with a value of $186.00, while the lowest is also in 46916, showcasing the variability within the area.
Average Burrows Assessed Value
$46,100
Average Carroll County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burrows, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46916 | $6,680 | $17,400 | $46,100 | $64,400 | $82,120 |
Source: Ownwell
Property Tax Bills Across Burrows, Indiana
In Burrows, Carroll County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $46,100, homeowners can expect a tax bill that ranges significantly depending on various factors such as the property's location and specific exemptions. At the 25th percentile, property tax bills are around $86, while at the 75th percentile, they can reach up to $405. For those at the 90th percentile, the tax bill can be as high as $764. These figures highlight the variability in tax obligations within the city. Compared to the national median property tax rate of 0.99%, Burrows' tax bills are relatively modest, reflecting the lower property values in the area. This system ensures that property taxes remain proportionate to the value of the property, impacting homeowners' annual financial planning.
Average Burrows Tax Bill
$186
Average Carroll County Tax Bill
$831
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Burrows, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46916 | $25 | $86 | $186 | $405 | $764 |
Source: Ownwell