Cedar Grove, Indiana Property Taxes
The median property tax rate in Cedar Grove, IN is 0.74%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Cedar Grove at $182,700, the typical annual property tax bill amounts to $1,449, which is below the national median of $2,690. Property taxes in Cedar Grove 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 Cedar Grove'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 Cedar Grove or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cedar Grove, 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 Cedar Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Grove 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 Cedar Grove, Indiana
Property taxes in Cedar Grove, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Grove is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Cedar Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Grove 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 Cedar Grove's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47016 zip code has a median property tax rate of 0.74%. Understanding how these cities compare with Cedar Grove provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Grove Tax Rate
0.74%
Average Franklin County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedar Grove, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47016 | 0.47% | 0.61% | 0.74% | 1.24% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Grove, Indiana
In Cedar Grove, 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 Franklin 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 Cedar Grove, 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 Cedar Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cedar Grove is $182,700, with the highest median tax bill being $1,449 in zip code 47016.
Average Cedar Grove Assessed Value
$182,700
Average Franklin County Assessed Value
$167,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedar Grove, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47016 | $65,560 | $124,900 | $182,700 | $265,225 | $369,860 |
Source: Ownwell
Property Tax Bills Across Cedar Grove, Indiana
Property tax bills in Cedar Grove, Franklin County, Indiana, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Cedar Grove, the median home price is $182,700. Depending on the assessed value and applicable exemptions, tax bills can vary significantly. For instance, those in the 25th percentile face an annual tax bill of around $842, while those in the 75th percentile pay approximately $2,288. At the 90th percentile, the tax bill can reach up to $3,921. The highest median tax bill in the region is $1,449, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and public safety, directly impacting the quality of life for Cedar Grove residents.
Average Cedar Grove Tax Bill
$1,449
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedar Grove, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47016 | $427 | $842 | $1,449 | $2,288 | $3,921 |
Source: Ownwell