Decker, Knox County, Indiana Property Taxes
The median property tax rate in Decker, IN is 0.84%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Decker being $62,000, the typical annual property tax bill is $524, significantly below the national median of $2,690. Property taxes in Decker 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 Decker'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 Decker or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Decker, Knox County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$521
$483
Ownwell’s Decker Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Decker with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Decker 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 Decker, Knox County, Indiana
Property taxes in Decker, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Decker is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Decker set these rates annually, and they can vary significantly across different neighborhoods. Each year, Decker 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 Decker's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47524 zip code has the highest median property tax rate of 0.84%, while the 47524 zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Decker provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Decker Tax Rate
0.84%
Average Knox County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Decker, Knox County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47524 | 0.40% | 0.58% | 0.84% | 1.38% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Decker, Knox County, Indiana
In Decker, 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 Knox 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 Decker, 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 Decker helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $62,000, with the 25th percentile tax bill at $249 and the 75th percentile at $1,181. The zip code 47524 has both the highest and lowest median tax bill at $524.
Property Tax Assessment Values Across Decker, Knox County, Indiana
Source: Ownwell
$29,200
$83,425
$137,650
Average Decker Assessed Value
$62,000
Average Knox County Assessed Value
$96,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Decker, Knox County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47524 | $10,760 | $27,250 | $62,000 | $150,500 | $226,100 |
Source: Ownwell
Property Tax Bills Across Decker, Knox County, Indiana
In Decker, Knox County, IN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which in Decker is influenced by factors such as home size, location, and condition. For instance, with a median home price of $62,000, homeowners can expect varying tax bills based on their assessed values and applicable exemptions. The tax bill can range significantly. For example, the 25th percentile tax bill is around $249, while the 75th percentile reaches $1,181. In some cases, tax bills can go as high as $2,293, reflecting the variability in property values and tax rates. This variability can affect homeowners differently, with those in higher-value homes facing steeper bills. Interestingly, the highest and lowest median tax bills in Decker are both $524, indicating a level of consistency in some areas. Compared to the national median property tax rate of 0.99%, Decker's tax bills highlight the local nuances in property taxation.
Average Decker Tax Bill
$524
Average Knox County Tax Bill
$903
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Decker, Knox County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47524 | $116 | $249 | $524 | $1,181 | $2,293 |
Source: Ownwell