Frankfort, Indiana Property Taxes
The median property tax rate in Frankfort, IN is 0.93%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Frankfort at $178,900, the typical annual property tax bill reaches $1,668, which is below the national median of $2,690. Property taxes in Frankfort 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 Frankfort'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 Frankfort 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
Frankfort, 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 Frankfort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 Frankfort, Indiana
Property taxes in Frankfort, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankfort 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. Understanding how these cities compare with Frankfort provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
0.93%
Average Howard County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46041 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Indiana
In Frankfort, 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 local appraisal district 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 Frankfort, 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46041 holds the highest and lowest median tax bill, both at $1668, reflecting the uniformity in tax assessments across the area.
Average Frankfort Assessed Value
$178,900
Average Howard County Assessed Value
$120,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankfort, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46041 | $178,900 | $178,900 | $178,900 | $178,900 | $178,900 |
Source: Ownwell
Property Tax Bills Across Frankfort, Indiana
In Frankfort, located in Howard County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property’s market value. Homeowners in Frankfort can expect a median property tax bill of $1,668, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. This uniform tax bill indicates a stable property tax environment within the city. Several factors contribute to the final tax bill, including the property's assessed value and the local tax rate. For instance, with a median home price of $178,900, the tax rate applied would result in the aforementioned median tax bill. Compared to the national median property tax rate of 0.99%, Frankfort's property taxes reflect the local economic conditions and funding requirements for community services. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Frankfort Tax Bill
$1,668
Average Howard County Tax Bill
$1,236
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46041 | $1,668 | $1,668 | $1,668 | $1,668 | $1,668 |
Source: Ownwell