Frankfort, Indiana Property Taxes
The median property tax rate in Frankfort, IN is 0.58%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Frankfort at $191,700, the typical annual property tax bill amounts to $1,105, which is well below the national median of $2,690. Property taxes in Frankfort are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Frankfort'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 Frankfort or another part of Carroll County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frankfort, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,112
Ownwell’s Frankfort Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 Carroll County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Frankfort, Indiana
Property taxes in Frankfort, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 0.58%, which is significantly lower than both the Indiana state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary across different neighborhoods. Each year, Frankfort 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. Understanding how Frankfort's effective property tax rate compares to other counties in Indiana and the national median 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 Frankfort Tax Rate
0.58%
Average Carroll County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46041 | 0.39% | 0.49% | 0.58% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Indiana
In Frankfort, 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 Appraisal District 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 Frankfort, 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Frankfort are both $1,105 in the 46041 zip code.
Average Frankfort Assessed Value
$191,700
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 Frankfort, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46041 | $74,780 | $142,100 | $191,700 | $234,650 | $301,180 |
Source: Ownwell
Property Tax Bills Across Frankfort, Indiana
In Frankfort, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the home. For instance, with a median home price of $191,700, the assessed value forms the basis for the tax bill. The actual tax rate applied to this assessed value varies, but it is important to note that the national median property tax rate is 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Frankfort can expect their tax bills to range significantly. The 25th percentile tax bill is around $730, while the 75th percentile reaches up to $1,701. At the higher end, the 90th percentile tax bill can be as much as $2,220. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Frankfort Tax Bill
$1,105
Average Carroll County Tax Bill
$831
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46041 | $496 | $730 | $1,105 | $1,701 | $2,220 |
Source: Ownwell