Montpelier, Indiana Property Taxes
The median property tax rate in Montpelier, 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 Montpelier at $119,100, the typical annual property tax bill amounts to $783, which is well below the national median of $2,690. Property taxes in Montpelier are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Montpelier'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 Montpelier or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montpelier, 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 Montpelier Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montpelier with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montpelier 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 Montpelier, Indiana
Property taxes in Montpelier, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montpelier is 0.66%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Montpelier set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montpelier 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 Montpelier's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47359 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Montpelier provides valuable insights into the varying tax landscape across Jay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montpelier Tax Rate
0.66%
Average Jay County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montpelier, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47359 | 0.18% | 0.51% | 0.66% | 0.77% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Montpelier, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Montpelier, 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 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 Montpelier, 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 Montpelier helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Montpelier is $119,100, with tax bills ranging significantly. The 25th percentile tax bill is $544, while the 75th percentile reaches $929, and the 90th percentile is $970. The highest and lowest median tax bills are both $783, found in the 47359 zip code.
Average Montpelier Assessed Value
$119,100
Average Jay County Assessed Value
$86,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montpelier, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47359 | $91,100 | $103,300 | $119,100 | $140,600 | $145,800 |
Source: Ownwell
Property Tax Bills Across Montpelier, Indiana
In Montpelier, Jay County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Montpelier is $119,100, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Montpelier can expect a property tax bill ranging from the 25th percentile at $544 to the 75th percentile at $929, with the 90th percentile reaching up to $970. This means that while some homeowners may pay a lower tax bill, others may see a higher amount depending on their property's assessed value and the specific characteristics of their home. The highest and lowest median tax bills in the area are both $783, aligning closely with the national median property tax rate of 0.99%. This system ensures that property taxes are proportionate to the value and features of each property, impacting homeowners' annual financial planning.
Average Montpelier Tax Bill
$783
Average Jay County Tax Bill
$724
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Montpelier, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47359 | $331 | $544 | $783 | $929 | $970 |
Source: Ownwell