Mccordsville, Hancock County, Indiana Property Taxes
The median property tax rate in McCordsville, IN is 0.94%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in McCordsville, the typical annual property tax bill reaches $2,839, which is just under the national median of $2,690. Property taxes in McCordsville 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 McCordsville'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 McCordsville 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
Mccordsville, Hancock County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,841
$2,636
Ownwell’s McCordsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McCordsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McCordsville 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 Mccordsville, Hancock County, Indiana
Property taxes in McCordsville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McCordsville is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within McCordsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, McCordsville 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 McCordsville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46055 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with McCordsville 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 Mccordsville Tax Rate
0.94%
Average Hancock County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mccordsville, Hancock County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46055 | 0.60% | 0.86% | 0.94% | 0.99% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Mccordsville, Hancock County, Indiana
In McCordsville, 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 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 McCordsville, 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 McCordsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 46055 has both the highest and lowest median tax bill at $2,839.
Property Tax Assessment Values Across Mccordsville, Hancock County, Indiana
Source: Ownwell
$110,750
$211,525
$312,300
Average Mccordsville Assessed Value
$302,200
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 Mccordsville, Hancock County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46055 | $193,200 | $248,750 | $302,200 | $373,250 | $439,400 |
Source: Ownwell
Property Tax Bills Across Mccordsville, Hancock County, Indiana
In McCordsville, located in Hancock County, Indiana, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. The tax rate, which is applied to this assessed value, is set by local taxing authorities and funds public services such as schools, infrastructure, and emergency services. For homeowners in McCordsville, the median home price is $302,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,167 and the 75th percentile at $3,695. The 90th percentile tax bill reaches $4,538, indicating a range of possible tax liabilities depending on the value of the property. Compared to the national median property tax rate of 0.99%, McCordsville's property tax rates can result in a higher financial obligation for homeowners. Understanding these factors helps homeowners anticipate their annual tax bills and plan their finances accordingly.
Average Mccordsville Tax Bill
$2,839
Average Hancock County Tax Bill
$2,024
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mccordsville, Hancock County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46055 | $1,305 | $2,167 | $2,839 | $3,695 | $4,538 |
Source: Ownwell