Austin, Indiana Property Taxes
The median property tax rate in Austin, Indiana is 0.66%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Austin at $118,800, the typical annual property tax bill is $807, which is below the national median of $2,690. Property taxes in Austin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Austin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Austin or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Austin, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$784
Ownwell’s Austin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Austin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Austin 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 Austin, Indiana
Property taxes in Austin, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Austin is 0.66%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Austin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Austin 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 Austin's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47102 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Austin provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Austin Tax Rate
0.66%
Average Jackson County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Austin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47102 | 0.33% | 0.48% | 0.66% | 0.90% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Austin, Indiana
In AUSTIN, 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 Jackson 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 AUSTIN, 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 example, in the 47102 zip code, the median tax bill is $807. Being aware of these valuation processes in AUSTIN helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Austin Assessed Value
$118,800
Average Jackson County Assessed Value
$134,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Austin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47102 | $38,600 | $74,500 | $118,800 | $171,300 | $216,600 |
Source: Ownwell
Property Tax Bills Across Austin, Indiana
In Austin, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Jackson County, where Austin is located, the median home price is $118,800. The tax bills can vary significantly depending on the property's assessed value and the specific tax rate applied. Homeowners in Austin can expect their property tax bills to fall within a range, with the 25th percentile at $344 and the 75th percentile at $1219. For those in the 90th percentile, tax bills can go up to $2143. These figures are quite competitive compared to the national median property tax rate of 0.99%. This variability in tax bills is influenced by factors such as property location, home improvements, and changes in local tax rates, affecting how much homeowners need to budget annually for their property taxes.
Average Austin Tax Bill
$807
Average Jackson County Tax Bill
$1,065
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Austin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47102 | $218 | $344 | $807 | $1,219 | $2,143 |
Source: Ownwell