Emison, Indiana Property Taxes
The median property tax rate in Emison, IN is 4.48%, significantly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Emison, the typical annual property tax bill reaches $260, which is notably lower than the national median of $2,690. Property taxes in Emison 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 Emison'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 Emison 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
Emison, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.48%
Estimate Property Tax Bill
$260
Ownwell’s Emison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Emison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Emison 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 Emison, Indiana
Property taxes in Emison, Indiana, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Emison is 4.48%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Emison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Emison 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 Emison's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47561 zip code has the highest median property tax rate of 4.48%, while the same zip code also has the lowest median tax rate of 4.48%. Understanding how these cities compare with Emison 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 Emison Tax Rate
4.48%
Average Knox County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Emison, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47561 | 4.48% | 4.48% | 4.48% | 4.48% | 4.48% |
Source: Ownwell
Property Tax Assessment Values Across Emison, Indiana
In Emison, 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 Emison, 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 Emison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Emison are both $260, with the zip code 47561 reflecting this value.
Average Emison Assessed Value
$5,800
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 Emison, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47561 | $5,800 | $5,800 | $5,800 | $5,800 | $5,800 |
Source: Ownwell
Property Tax Bills Across Emison, Indiana
In Emison, property tax bills are calculated based on the assessed value of a home, which is determined by the Knox County Assessor's Office. The assessed value is a percentage of the market value of the property. For homeowners in Emison, the property tax rate is applied to this assessed value to determine the annual tax bill. Factors that influence the assessed value include the property's location, size, and condition. In Emison, the median home price is $5,800, and the tax bills are quite consistent across different percentiles, with the 25th, 75th, and 90th percentiles all having a tax bill of $260. This uniformity indicates a relatively stable property tax environment. Compared to the national median property tax rate of 0.99%, Emison's property tax rate is significantly lower, making it an attractive location for homeowners seeking affordability. Consequently, the property tax system in Emison ensures that homeowners are not burdened with excessively high tax bills, contributing to a stable financial environment for residents.
Average Emison Tax Bill
$260
Average Knox County Tax Bill
$903
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Emison, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47561 | $260 | $260 | $260 | $260 | $260 |
Source: Ownwell