Coalmont, Clay County, Indiana Property Taxes
The median property tax rate in Coalmont, Indiana is 0.96%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Coalmont at $28,000, the typical annual property tax bill is $151, well below the national median of $2,690. Property taxes in Coalmont are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Coalmont'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 Coalmont or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coalmont, Clay County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$269
$249
Ownwell’s Coalmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coalmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coalmont 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 Coalmont, Clay County, Indiana
Property taxes in Coalmont, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coalmont is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Coalmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coalmont 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 Coalmont's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47845 has both the highest and lowest median property tax rate of 0.96%. Understanding how these figures compare with Coalmont 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 Coalmont Tax Rate
0.96%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coalmont, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47845 | 0.24% | 0.32% | 0.96% | 1.12% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Coalmont, Clay County, Indiana
In Coalmont, 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 local 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 Coalmont, 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 Coalmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47845 has both the highest and lowest median tax bills at $151.00, highlighting the uniformity in property tax assessments within the area.
Property Tax Assessment Values Across Coalmont, Clay County, Indiana
Source: Ownwell
$28,000
$81,350
$134,700
Average Coalmont Assessed Value
$28,000
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 Coalmont, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47845 | $5,840 | $11,200 | $28,000 | $50,700 | $69,900 |
Source: Ownwell
Property Tax Bills Across Coalmont, Clay County, Indiana
In Coalmont, located in Clay County, IN, property tax bills are calculated based on the assessed value of a home. The local government determines this assessed value, which is then used to calculate the tax bill. Factors such as the property's market value, location, and any applicable exemptions or deductions play a crucial role in determining the final amount. For homeowners in Coalmont, the median home price is $28,000. The property tax rate in this area can result in varying tax bills, with the 25th percentile at $90 and the 75th percentile at $312. The 90th percentile sees tax bills as high as $495. These figures provide insight into the range of property tax obligations within the community. Comparatively, the national median property tax rate is 0.99%, which highlights that Coalmont's property tax landscape can be quite different from other regions. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Coalmont Tax Bill
$151
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Coalmont, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47845 | $32 | $90 | $151 | $312 | $495 |
Source: Ownwell