West Harrison, Franklin County, Indiana Property Taxes
The median property tax rate in West Harrison, IN is 0.74%, which is notably lower than the national median of 0.99% and matches the Indiana state median of 0.99%. With the median home value in West Harrison at $262,200, the typical annual property tax bill amounts to $1,987, significantly less than the national median of $2,690. Property taxes in West Harrison are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Gaining a thorough understanding of West Harrison's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of West Harrison or another part of Franklin County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
West Harrison, Franklin County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,940
$1,801
Ownwell’s WEST HARRISON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WEST HARRISON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WEST HARRISON 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 West Harrison, Franklin County, Indiana
Property taxes in West Harrison, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Harrison is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within West Harrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Harrison 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 West Harrison's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47060 zip code has the highest median property tax rate of 0.74%, while it also has the lowest median tax rate of 0.74%. Understanding how these cities compare with West Harrison 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 West Harrison 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 West Harrison, Franklin County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47060 | 0.56% | 0.66% | 0.74% | 0.87% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across West Harrison, Franklin County, Indiana
In West Harrison, 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 West Harrison, 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 West Harrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,987, found in the 47060 zip code.
Property Tax Assessment Values Across West Harrison, Franklin County, Indiana
Source: Ownwell
$95,750
$178,975
$262,200
Average West Harrison Assessed Value
$262,200
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 West Harrison, Franklin County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47060 | $109,320 | $178,600 | $262,200 | $361,900 | $451,920 |
Source: Ownwell
Property Tax Bills Across West Harrison, Franklin County, Indiana
In West Harrison, located in Franklin County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as the property's market value, size, location, and any improvements made. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in West Harrison, the median home price stands at $262,200. Property tax bills can vary significantly, with the 25th percentile at $1,236 and the 75th percentile reaching $2,874. At the higher end, the 90th percentile tax bill is $3,855. These figures illustrate the range of tax burdens that homeowners might face depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, West Harrison's tax rates reflect the local economic conditions and funding needs for public services. Understanding these factors can help homeowners anticipate and plan for their annual property tax obligations.
Average West Harrison Tax Bill
$1,987
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across West Harrison, Franklin County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47060 | $693 | $1,236 | $1,987 | $2,874 | $3,855 |
Source: Ownwell