Hanover, Jefferson County, Indiana Property Taxes
Median Hanover, IN effective property tax rate: 0.94%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Hanover, IN home value: $105,200
Median annual Hanover, IN tax bill: $1,185, $1,215 lower than the national median property tax bill of $2,400.
How are property taxes in Jefferson calculated?
Property taxes in Hanover, IN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Hanover’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Hanover, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Hanover, Jefferson County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.94%
Estimate Property Tax Bill
$989
$918
Property Tax Rates Across Hanover, Jefferson County, Indiana
Local government entities are responsible for setting tax rates, which can vary widely within Indiana. Each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Hanover, located in Jefferson County, the effective property tax rate is 0.94%. This rate is consistent with the highest and lowest median tax rates found in the state, indicating a level of uniformity within the county. Compared to the national median property tax rate of 1.02%, Hanover's rate is relatively lower, offering potential savings for property owners. This lower tax rate can make Hanover an attractive location for those looking to minimize their property tax expenses while still enjoying the services and amenities provided by the local government.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Hanover Tax Rate
0.94%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Jefferson County Tax Rate
0.93%
Median Effective Indiana Tax Rate
0.99%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Hanover, Jefferson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47243 | 0.51% | 0.68% | 0.94% | 1.72% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Hanover, Jefferson County, Indiana
When examining property taxes in Hanover, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Jefferson County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Jefferson County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Hanover. For example, the median home price in Hanover is $105,200, with tax bills ranging significantly across the county. Zip code 47243 has the highest median home price at $105,200.
Property Tax Assessment Values Across Hanover, Jefferson County, Indiana
Source: Ownwell
$64,000
$102,900
$141,800
Median Hanover Market Value
$105,200
Median Jefferson County Market Value
$114,900
Median Indiana Market Value
$170,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Hanover, Jefferson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47243 | $49,600 | $70,600 | $105,200 | $163,175 | $229,600 |
Source: Ownwell
Property Tax Bills Across Hanover, Jefferson County, Indiana
In Hanover, located in Jefferson County, IN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors and reflects the property's market value. Homeowners in this area face a median property tax bill of $1,185, which is below the national median of $2,400. This indicates a relatively lower property tax burden for residents compared to the national average. Factors such as property location, size, and improvements can influence the assessed value, thus affecting the tax bill.
For homeowners looking to reduce their property tax bills, Ownwell offers valuable assistance. By providing property tax appeal and exemption services, Ownwell helps ensure that homeowners are not overpaying. Through a detailed analysis of property assessments and market conditions, Ownwell identifies opportunities for savings. This can lead to significant reductions in tax bills, easing the financial burden on homeowners. With expert guidance, homeowners can navigate the complexities of property tax assessments and secure the most favorable outcomes.
Median Hanover Tax Bill
$1,185
Median Jefferson County Tax Bill
$1,194
Median Indiana Tax Bill
$1,691
Median United States Tax Bill
$2,400
Property Tax Bills Across Hanover, Jefferson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47243 | $321 | $520 | $1,185 | $1,857 | $2,746 |
Source: Ownwell