Knightsville, Clay County, Indiana Property Taxes
The median property tax rate in Knightsville, IN is 0.48%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Knightsville at $61,850, the typical annual property tax bill reaches $301, far below the national median of $2,690. Property taxes in Knightsville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Knightsville'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 Knightsville 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
Knightsville, Clay County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$297
$275
Ownwell’s Knightsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knightsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knightsville 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 Knightsville, Clay County, Indiana
Property taxes in Knightsville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knightsville is 0.48%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Knightsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knightsville 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 Knightsville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47857 has both the highest and lowest median property tax rate of 0.48%. Understanding how these areas compare with Knightsville 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 Knightsville Tax Rate
0.48%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knightsville, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47857 | 0.21% | 0.31% | 0.48% | 1.00% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Knightsville, Clay County, Indiana
In Knightsville, 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 Knightsville, 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 Knightsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Knightsville are both $301, located in the 47857 zip code.
Property Tax Assessment Values Across Knightsville, Clay County, Indiana
Source: Ownwell
$28,000
$81,350
$134,700
Average Knightsville Assessed Value
$61,850
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 Knightsville, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47857 | $10,850 | $36,300 | $61,850 | $98,600 | $136,890 |
Source: Ownwell
Property Tax Bills Across Knightsville, Clay County, Indiana
In Knightsville, located in Clay County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Knightsville is $61,850. Homeowners can expect their tax bills to vary, with the 25th percentile at $154 and the 75th percentile at $553. For those at the 90th percentile, tax bills can reach up to $819. These figures highlight the range of property taxes homeowners might encounter. Several factors influence the tax bill, including the assessed value of the property, local tax rates, and applicable exemptions. The local tax rate in Knightsville is compared to the national median property tax rate of 0.99%. This comparison provides a sense of where the local rates stand in relation to the broader national context. Understanding these factors is crucial for homeowners as they directly impact their annual financial obligations and the affordability of owning property in Knightsville.
Average Knightsville Tax Bill
$301
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Knightsville, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47857 | $85 | $154 | $301 | $553 | $819 |
Source: Ownwell