Knightstown, Indiana Property Taxes
The median property tax rate in Knightstown, IN is 0.95%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Knightstown at $117,000, the typical annual property tax bill amounts to $1,154, which is less than the national median of $2,690. Property taxes in Knightstown are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Knightstown'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 Knightstown 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
Knightstown, 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 Knightstown Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Knightstown with just two key data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Knightstown to provide an accurate estimate of your property tax bill. This invaluable tool helps you anticipate potential tax liabilities, making financial planning easier. For those interested in more granular details, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by Henry County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Knightstown, Indiana
Property taxes in Knightstown, Indiana, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Knightstown is 0.95%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities in Knightstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knightstown 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. For comparison, the zip code 46148 has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these figures compare with Knightstown provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knightstown Tax Rate
0.95%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knightstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46148 | 0.56% | 0.79% | 0.95% | 1.35% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Knightstown, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Knightstown, 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 Henry 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 Knightstown, 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. For instance, the zip code with the highest median tax bill is 46148 at $1,154, which is also the lowest. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Knightstown Assessed Value
$117,000
Average Henry County Assessed Value
$106,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knightstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46148 | $40,730 | $77,800 | $117,000 | $188,625 | $283,240 |
Source: Ownwell
Property Tax Bills Across Knightstown, Indiana
In Knightstown, located in Henry County, IN, property tax bills are calculated based on the assessed value of a home. The local assessor determines this value, which is then multiplied by the property tax rate to calculate the annual tax bill. The median home price in Knightstown is $117,000, and the property tax rate in this region aligns with the national median rate of 0.99%. However, the actual tax bills can vary significantly. For instance, homeowners in the 25th percentile can expect to pay around $676 annually, while those in the 75th percentile might see bills as high as $1989. At the 90th percentile, tax bills can reach up to $3059. These variations are influenced by factors such as property size, location, and any applicable exemptions. Higher tax bills can impact homeowners by increasing their overall cost of living, while lower bills can make homeownership more affordable. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Knightstown Tax Bill
$1,154
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Knightstown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46148 | $416 | $676 | $1,154 | $1,989 | $3,059 |
Source: Ownwell