Mellott, Indiana Property Taxes
The median property tax rate in Mellott, Indiana is 0.84%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Mellott at $60,050, the typical annual property tax bill is around $363, significantly less than the national median of $2,690. Property taxes in Mellott are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Mellott's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mellott or another part of Fountain County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mellott, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$504
Ownwell’s Mellott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mellott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mellott 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 Mellott, Indiana
Property taxes in Mellott, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mellott is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Mellott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mellott 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 Mellott's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47958 zip code has both the highest and lowest median property tax rate of 0.84%. Understanding how these cities compare with Mellott 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 Mellott Tax Rate
0.84%
Average Fountain County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mellott, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47958 | 0.37% | 0.46% | 0.84% | 1.66% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Mellott, Indiana
In Mellott, 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 Mellott, 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 Mellott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mellott is $60,050, with tax bills ranging from $222 at the 25th percentile to $1,208 at the 90th percentile.
Average Mellott Assessed Value
$60,050
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 Mellott, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47958 | $7,470 | $16,550 | $60,050 | $87,825 | $126,160 |
Source: Ownwell
Property Tax Bills Across Mellott, Indiana
In the city of Mellott, located in Fountain County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and represents the market value of the property. For homeowners in Mellott, the median home price stands at $60,050. Property tax rates in the area are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local tax rates and any applicable exemptions or deductions. For example, the 25th percentile tax bill in Mellott is $222, while the 75th percentile tax bill reaches $775, and the 90th percentile climbs to $1208. These tax bills can have a significant impact on homeowners, affecting their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Mellott’s rates provide a benchmark for how local taxes stack up, influencing decisions for both current and prospective homeowners.
Average Mellott Tax Bill
$363
Average Fountain County Tax Bill
$966
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mellott, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47958 | $102 | $222 | $363 | $775 | $1,208 |
Source: Ownwell