South Milford, Indiana Property Taxes
The median property tax rate in South Milford, IN is 0.30%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $128,000 in South Milford, the typical annual property tax bill amounts to $398, which is well below the national median of $2,690. Property taxes in South Milford are based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding South Milford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of South Milford or another part of LaGrange County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Milford, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$384
Ownwell’s South Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South 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 South Milford, Indiana
Property taxes in South Milford, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Milford is 0.30%, significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within South Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Milford's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in the area is found in zip code 46761 at 1.40%, while the lowest median tax rate is in zip code 46795 at 0.30%. Understanding how these cities compare with South Milford provides valuable insights into the varying tax landscape across LaGrange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Milford Tax Rate
0.30%
Average Lagrange County Tax Rate
0.63%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Milford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46786 | 0.19% | 0.24% | 0.30% | 0.82% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across South Milford, Indiana
In South 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 LaGrange 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 South 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 South Milford is $128,000. The tax bills in the area can vary significantly, with the 25th percentile tax bill at $278 and the 75th percentile tax bill at $684. The highest median tax bill in the area is $398, found in the zip code 46786, which also has the lowest median tax bill of $398. 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 South Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average South Milford Assessed Value
$128,000
Average Lagrange County Assessed Value
$195,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Milford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46786 | $56,900 | $102,650 | $128,000 | $150,000 | $192,880 |
Source: Ownwell
Property Tax Bills Across South Milford, Indiana
In South Milford, LaGrange County, IN, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $128,000, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. The tax bill in South Milford can range significantly. At the 25th percentile, homeowners may see a tax bill around $278, while those at the 75th percentile might pay approximately $684. For properties at the 90th percentile, the tax bill can be as high as $1,234. The highest and lowest median tax bills in the area both stand at $398, highlighting the variability in individual assessments and exemptions. These property taxes contribute to local services such as schools, infrastructure, and public safety, directly impacting homeowners by funding community resources and amenities. Understanding how these factors interplay can help homeowners anticipate their annual financial obligations and plan accordingly.
Average South Milford Tax Bill
$398
Average Lagrange County Tax Bill
$1,119
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across South Milford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46786 | $157 | $278 | $398 | $684 | $1,234 |
Source: Ownwell