Sunman, Franklin County, Indiana Property Taxes
The median property tax rate in Sunman, IN is 0.64%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Sunman, the typical annual property tax bill reaches $1,350, significantly below the national median of $2,690. Property taxes in Sunman are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sunman'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 Sunman 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
Sunman, Franklin County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,311
$1,217
Ownwell’s Sunman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sunman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sunman 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 Sunman, Franklin County, Indiana
Property taxes in Sunman, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sunman is 0.64%, lower than the U.S. national median of 0.99%. Local government entities within Sunman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sunman 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 Sunman's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47041 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Sunman 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 Sunman Tax Rate
0.64%
Average Franklin County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sunman, Franklin County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47041 | 0.36% | 0.56% | 0.64% | 0.90% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Sunman, Franklin County, Indiana
In Sunman, 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 Appraisal District 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 Sunman, 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 Sunman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,350, found in the 47041 zip code.
Property Tax Assessment Values Across Sunman, Franklin County, Indiana
Source: Ownwell
$95,750
$178,975
$262,200
Average Sunman Assessed Value
$204,900
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 Sunman, Franklin County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47041 | $101,420 | $151,075 | $204,900 | $266,850 | $359,400 |
Source: Ownwell
Property Tax Bills Across Sunman, Franklin County, Indiana
Property tax bills in Sunman, Franklin County, IN, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For instance, if your property's assessed value is $204,900, the tax bill can vary significantly depending on the rate applied. Factors such as property location, size, and any applicable exemptions or deductions also influence the final tax bill. Homeowners in Sunman experience a range in their property tax bills, with the 25th percentile at $813 and the 75th percentile reaching $2,045. The highest median tax bill in the area is $1,350. Compared to the national median property tax rate of 0.99%, Sunman’s rates offer a unique perspective on how local policies and property values impact homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Sunman Tax Bill
$1,350
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Sunman, Franklin County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47041 | $514 | $813 | $1,350 | $2,045 | $2,796 |
Source: Ownwell