Connersville, Indiana Property Taxes
The median property tax rate in Connersville, IN is 0.94%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Connersville at $94,100, the typical annual property tax bill reaches $920, which is below the national median of $2,690. Property taxes in Connersville are calculated based on the tax assessed value, usually lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Connersville'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 Connersville 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
Connersville, 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 Connersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Connersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Connersville 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 Connersville, Indiana
Property taxes in Connersville, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Connersville is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Connersville set these rates annually, and they can vary across different neighborhoods. Each year, Connersville 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 Connersville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47331 has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Connersville provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Connersville Tax Rate
0.94%
Average Fayette County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Connersville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | 0.46% | 0.75% | 0.94% | 1.66% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Connersville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Connersville, Indiana. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Fayette County Assessor's Office 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 Connersville, 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. For instance, the highest median tax bill in Connersville is $920 in the 47331 zip code, while the lowest median tax bill is also $920 in the same 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 Connersville Assessed Value
$94,100
Average Fayette County Assessed Value
$95,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Connersville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | $37,570 | $61,300 | $94,100 | $143,075 | $200,960 |
Source: Ownwell
Property Tax Bills Across Connersville, Indiana
In Connersville, located in Fayette County, IN, property tax bills are calculated based on the assessed value of a home and the property tax rate set by local authorities. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to this value to calculate the annual tax bill. Several factors influence the property tax bill, including the home's size, age, and location, as well as any improvements or additions made to the property. Homeowners in Connersville can expect varying tax bills; for instance, the 25th percentile tax bill is $568, while the 75th percentile tax bill is $1,486. The highest median tax bill recorded in the zip code 47331 is $920, which is below the national median property tax rate of 0.99%. These tax bills significantly impact homeowners by influencing their annual housing costs and potentially affecting their financial planning and homeownership affordability.
Average Connersville Tax Bill
$920
Average Fayette County Tax Bill
$929
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Connersville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | $308 | $568 | $920 | $1,486 | $2,298 |
Source: Ownwell