Finly, Indiana Property Taxes
The median property tax rate in Finly, IN is 1.31%, higher than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $43,600 in Finly, the typical annual property tax bill is $573, which is below the national median of $2,690. Property taxes in Finly 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 Finly'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 Finly or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Finly, 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 Finly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Finly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Finly 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 Finly, Indiana
Property taxes in Finly, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Finly is 1.31%, which is significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Finly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Finly 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 Finly's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46129 zip code has the highest median property tax rate of 1.31%, while the 46129 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Finly provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Finly Tax Rate
1.31%
Average Hancock County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Finly, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46129 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Finly, Indiana
In Finly, 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 Hancock County Assessor's Office 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 Finly, 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 Finly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46129, with a value of $573, which is also the lowest median tax bill in the area.
Average Finly Assessed Value
$43,600
Average Hancock County Assessed Value
$247,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Finly, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46129 | $43,600 | $43,600 | $43,600 | $43,600 | $43,600 |
Source: Ownwell
Property Tax Bills Across Finly, Indiana
In Finly, located in Hancock County, IN, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $43,600, which serves as the baseline for determining the tax bill. Property tax rates are applied to this assessed value to arrive at the final tax amount. For homeowners in Finly, the property tax bill consistently falls at $573, regardless of the percentile, whether it's the 25th, 75th, or 90th percentile. This uniformity simplifies the calculation process but also indicates a flat rate applied across different property values. When comparing this to the national median property tax rate of 0.99%, homeowners in Finly may find their tax rate relatively straightforward yet somewhat high in proportion to their property value. These tax bills can impact homeowners by influencing their annual budgeting and potentially affecting the overall affordability of owning a home in the region. Understanding how these factors interplay is crucial for homeowners planning their finances.
Average Finly Tax Bill
$573
Average Hancock County Tax Bill
$2,024
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Finly, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46129 | $573 | $573 | $573 | $573 | $573 |
Source: Ownwell