Rochester, Indiana Property Taxes
The median property tax rate in Rochester, Indiana is 0.68%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. Given the median home value in Rochester is $116,300, the typical annual property tax bill amounts to $843, significantly less than the national median of $2,690. Property taxes in Rochester are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Rochester'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 Rochester or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rochester, 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 Rochester Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rochester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rochester 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 Rochester, Indiana
Property taxes in Rochester, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rochester is 0.68%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Rochester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rochester 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 Rochester's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46975 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Rochester provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rochester Tax Rate
0.68%
Average Fulton County Tax Rate
0.68%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rochester, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46975 | 0.32% | 0.46% | 0.68% | 1.34% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Rochester, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rochester, Indiana. 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 Fulton 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 Rochester, 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 Rochester 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 region are both $843 in the 46975 zip code. The median home price in the area is $116,300, with tax bills ranging from $387 at the 25th percentile to $3,362 at the 90th percentile.
Average Rochester Assessed Value
$116,300
Average Fulton County Assessed Value
$110,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rochester, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46975 | $33,800 | $69,900 | $116,300 | $198,650 | $320,000 |
Source: Ownwell
Property Tax Bills Across Rochester, Indiana
In Rochester, located in Fulton County, Indiana, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Rochester, the median home price stands at $116,300, and the property tax rate in the area influences the final tax amount. For instance, tax bills in the 25th percentile are around $387, while those in the 75th percentile can reach up to $1,674. At the higher end, the 90th percentile tax bills can be as much as $3,362. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners differently based on their property's assessed value. With a median tax bill of $843 in the 46975 zip code, homeowners in Rochester experience a tax rate that is relatively moderate compared to the national median property tax rate of 0.99%.
Average Rochester Tax Bill
$843
Average Fulton County Tax Bill
$797
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Rochester, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46975 | $203 | $387 | $843 | $1,674 | $3,362 |
Source: Ownwell