Rushville, Indiana Property Taxes
The median property tax rate in Rushville, IN is 0.93%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Rushville at $145,650, the typical annual property tax bill is $1,335, which is lower than the national median of $2,690. Property taxes in Rushville are calculated based on the assessed value, which often falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Rushville'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 Rushville or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rushville, 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 Rushville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rushville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rushville 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 Rushville, Indiana
Property taxes in Rushville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rushville is 0.93%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Rushville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rushville 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 Rushville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46173 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Rushville 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 Rushville Tax Rate
0.93%
Average Fayette County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rushville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46173 | 0.43% | 0.59% | 0.93% | 1.25% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Rushville, Indiana
In Rushville, 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 Fayette 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 Rushville, 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 Rushville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rushville is $145,650, with tax bills ranging from $508 at the 25th percentile to $5,798 at the 90th percentile. The highest and lowest median tax bills are both $1,335 in the 46173 zip code.
Average Rushville Assessed Value
$145,650
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 Rushville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46173 | $90,840 | $104,700 | $145,650 | $261,775 | $410,950 |
Source: Ownwell
Property Tax Bills Across Rushville, Indiana
Property tax bills in Rushville, located in Fayette County, IN, are determined by assessing the property's market value and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate set by local authorities. This calculation results in the annual property tax bill that homeowners are required to pay. Factors such as property size, location, and condition can influence the assessed value, thereby affecting the final tax bill. For homeowners in Rushville, the median home price is $145,650. Property tax bills can vary significantly, with the 25th percentile at $508 and the 75th percentile at $3,430. The 90th percentile tax bill can reach as high as $5,798, indicating a wide range of tax burdens within the city. The highest median tax bill recorded in the area is $1,335 in the zip code 46173. Compared to the national median property tax rate of 0.99%, these figures provide a clear picture of the local tax landscape and its impact on homeowners.
Average Rushville Tax Bill
$1,335
Average Fayette County Tax Bill
$929
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Rushville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46173 | $421 | $508 | $1,335 | $3,430 | $5,798 |
Source: Ownwell