Monrovia, Indiana Property Taxes
The median property tax rate in Monrovia, IN is 0.73%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Monrovia at $293,700, the typical annual property tax bill amounts to $2,145, which is below the national median of $2,690. Property taxes in Monrovia are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monrovia'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 Monrovia or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monrovia, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$2,144
Ownwell’s Monrovia Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Monrovia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monrovia to provide an estimate of 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 Hendricks County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Monrovia, Indiana
Property taxes in Monrovia, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monrovia is 0.73%, lower than the U.S. national median of 0.99%. Local government entities within Monrovia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monrovia 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 Monrovia's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46157 zip code has the highest median property tax rate of 0.73%, while the 46157 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Monrovia provides valuable insights into the varying tax landscape across Hendricks County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monrovia Tax Rate
0.73%
Average Hendricks County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monrovia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46157 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Monrovia, Indiana
In Monrovia, 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 Hendricks 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. 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 Monrovia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monrovia is $293,700, with the highest and lowest median tax bills both being $2,145 in zip code 46157.
Average Monrovia Assessed Value
$293,700
Average Hendricks County Assessed Value
$256,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monrovia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46157 | $293,700 | $293,700 | $293,700 | $293,700 | $293,700 |
Source: Ownwell
Property Tax Bills Across Monrovia, Indiana
In Monrovia, located in Hendricks County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Monrovia, the median home price is $293,700, and the property tax bill is notably consistent, with the 25th, 75th, and 90th percentiles all at $2,145. This uniformity suggests a stable tax rate across different property values within the area. Compared to the national median property tax rate of 0.99%, Monrovia’s property tax rate results in a predictable financial obligation for homeowners, making it easier to budget for these expenses. The local tax rate and assessed home values directly influence the total tax bill, which can impact homeowners' overall financial planning and the affordability of property ownership in the region. Understanding these factors is crucial for residents as they navigate their annual property tax responsibilities.
Average Monrovia Tax Bill
$2,145
Average Hendricks County Tax Bill
$2,647
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Monrovia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46157 | $2,145 | $2,145 | $2,145 | $2,145 | $2,145 |
Source: Ownwell