Coal City, Indiana Property Taxes
The median property tax rate in Coal City, IN is 0.42%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Coal City at $97,550, the typical annual property tax bill reaches $413, well below the national median of $2,690. Property taxes in Coal City are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Coal City'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 Coal City or another part of the county, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coal City, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Coal City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coal City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coal City 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 Coal City, Indiana
Property taxes in Coal City, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coal City is 0.42%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Coal City set these rates annually, and they can vary across different neighborhoods. Each year, Coal City 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 Coal City's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47427 has both the highest and lowest median property tax rate of 0.42%. Understanding how these areas compare with Coal City provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coal City Tax Rate
0.42%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coal City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47427 | 0.14% | 0.31% | 0.42% | 0.74% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Coal City, Indiana
In Coal City, 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 Clay 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 Coal City, 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. Coal City has a median home price of $97,550. The highest median tax bill is $413 in the 47427 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Coal City Assessed Value
$97,550
Average Clay County Assessed Value
$81,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coal City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47427 | $21,680 | $50,675 | $97,550 | $155,800 | $197,950 |
Source: Ownwell
Property Tax Bills Across Coal City, Indiana
In Coal City, located in Clay County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Coal City is $97,550, and property taxes are applied as a percentage of this assessed value. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Coal City experience varying tax bills, with the 25th percentile paying around $149 annually, while those in the 75th percentile face bills closer to $639. The 90th percentile sees even higher amounts, reaching up to $1087. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Coal City's property tax rates can be seen as relatively moderate, providing some relief to homeowners. However, understanding these variations and planning accordingly is crucial for managing household budgets effectively.
Average Coal City Tax Bill
$413
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Coal City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47427 | $76 | $149 | $413 | $639 | $1,087 |
Source: Ownwell