Milford, Indiana Property Taxes
The median property tax rate in Milford, IN is 0.55%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Milford at $191,600, the typical annual property tax bill reaches $1,154, significantly below the national median of $2,690. Property taxes in Milford 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 Milford'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 Milford 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
Milford, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,054
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Indiana
Property taxes in Milford, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 0.55%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Indiana and the national median. For comparison, the ZIP code 46542 has both the highest and lowest median property tax rate of 0.55%. Understanding how these figures compare with Milford provides valuable insights into the varying tax landscape across Kosciusko County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
0.55%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46542 | 0.34% | 0.42% | 0.55% | 0.78% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Indiana
In Milford, 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 Kosciusko 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 Milford, 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. The median home price in Milford is $191,600, with tax bills varying significantly. For example, the 25th percentile tax bill is $725, while the 75th percentile tax bill is $1,727, and the 90th percentile tax bill is $2,545. The highest and lowest median tax bills are both $1,154 in zip code 46542. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milford Assessed Value
$191,600
Average Kosciusko County Assessed Value
$191,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46542 | $97,300 | $134,350 | $191,600 | $283,950 | $389,400 |
Source: Ownwell
Property Tax Bills Across Milford, Indiana
In Milford, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Milford can expect a range of tax bills depending on various factors including the value of their property and local tax rates. For instance, the median home price in Milford is $191,600. Property tax bills in this area can vary widely, with the 25th percentile at $725 and the 75th percentile reaching $1,727. Homeowners at the 90th percentile may see tax bills as high as $2,545. These tax bills are influenced by local government budgets, school district funding, and other community services. Compared to the national median property tax rate of 0.99%, Milford's rates can significantly impact a homeowner's annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Milford Tax Bill
$1,154
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46542 | $421 | $725 | $1,154 | $1,727 | $2,545 |
Source: Ownwell