Edwardsport, Knox County, Indiana Property Taxes
The median property tax rate in Edwardsport, IN is 0.57%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $79,550 in Edwardsport, the typical annual property tax bill is $466, which is well below the national median of $2,690. Property taxes in Edwardsport are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Edwardsport'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 Edwardsport 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
Edwardsport, Knox County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$453
$421
Ownwell’s Edwardsport Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Edwardsport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edwardsport 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 Edwardsport, Knox County, Indiana
Property taxes in Edwardsport, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edwardsport is 0.57%, significantly lower than both the Indiana state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Edwardsport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edwardsport 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 Edwardsport's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47528 zip code has the highest median property tax rate of 0.57%, while the 47528 zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Edwardsport 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 Edwardsport Tax Rate
0.57%
Average Knox County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edwardsport, Knox County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47528 | 0.28% | 0.40% | 0.57% | 1.05% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Edwardsport, Knox County, Indiana
In Edwardsport, 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 Edwardsport, 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 Edwardsport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Edwardsport is 47528, with a median tax bill of $466.
Property Tax Assessment Values Across Edwardsport, Knox County, Indiana
Source: Ownwell
$29,200
$83,425
$137,650
Average Edwardsport Assessed Value
$79,550
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 Edwardsport, Knox County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47528 | $25,140 | $48,375 | $79,550 | $131,825 | $206,580 |
Source: Ownwell
Property Tax Bills Across Edwardsport, Knox County, Indiana
In Edwardsport, located in Knox County, IN, property tax bills are calculated based on the assessed value of your home. The median home price in Edwardsport stands at $79,550. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies by jurisdiction. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thereby affecting the tax bill. Homeowners in Edwardsport can expect property tax bills to range widely. At the 25th percentile, the tax bill is around $247, while at the 75th percentile, it rises to approximately $950. For those at the 90th percentile, the tax bill can be as high as $1,800. These figures highlight the variability in property tax obligations, which can significantly impact household budgets. By comparison, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding local tax burdens.
Average Edwardsport Tax Bill
$466
Average Knox County Tax Bill
$903
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Edwardsport, Knox County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47528 | $137 | $247 | $466 | $950 | $1,800 |
Source: Ownwell