Hillsboro, Indiana Property Taxes
The median property tax rate in Hillsboro, IN is 0.61%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Hillsboro at $127,800, the typical annual property tax bill comes to $881, well below the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hillsboro'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 Hillsboro 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
Hillsboro, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$780
Ownwell’s Hillsboro Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro to provide an estimated 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 Hillsboro, Indiana
Property taxes in Hillsboro, Indiana, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 0.61%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other areas in Indiana and the national median. For comparison, the ZIP code 47949 has both the highest and lowest median property tax rate of 0.61%. Understanding how these cities compare with Hillsboro provides valuable insights into the varying tax landscape across Fountain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsboro Tax Rate
0.61%
Average Fountain County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47949 | 0.34% | 0.46% | 0.61% | 1.06% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Indiana
In Hillsboro, 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 Fountain 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 Hillsboro, 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 Hillsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $127,800, with the highest and lowest median tax bills both at $881 in the zip code 47949.
Average Hillsboro Assessed Value
$127,800
Average Fountain County Assessed Value
$123,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47949 | $42,640 | $83,100 | $127,800 | $193,400 | $280,680 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Indiana
In Hillsboro, Fountain County, Indiana, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and reflects the market value of the property. Several factors influence this assessed value, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $127,800, homeowners in Hillsboro can expect their property tax bills to vary widely. The tax bill for the 25th percentile is approximately $404, while at the 75th percentile, it rises to about $1,482. At the 90th percentile, it can reach up to $2,340. This variation in tax bills can significantly impact homeowners' finances, making it crucial for them to understand how their tax obligations are determined and to explore potential exemptions or appeals if they believe their assessed value is inaccurate.
Average Hillsboro Tax Bill
$881
Average Fountain County Tax Bill
$966
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47949 | $242 | $404 | $881 | $1,482 | $2,340 |
Source: Ownwell