Alexandria, Madison County, Indiana Property Taxes
The median property tax rate in Alexandria, Indiana is 1.11%, higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $88,300 in Alexandria, the typical annual property tax bill amounts to $988, which is below the national median of $2,690. Property taxes in Alexandria are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Alexandria'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 Alexandria 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
Alexandria, Madison County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$980
$910
Ownwell’s Alexandria Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Alexandria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alexandria to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Alexandria, Madison County, Indiana
Property taxes in Alexandria, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alexandria is 1.11%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Alexandria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alexandria 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 Alexandria's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46001 zip code has the highest median property tax rate of 1.11%, while the 46001 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Alexandria provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alexandria Tax Rate
1.11%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alexandria, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46001 | 0.51% | 0.87% | 1.11% | 1.88% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Alexandria, Madison County, Indiana
In Alexandria, 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 Madison 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 Alexandria, 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. For instance, the median home price in Alexandria is $88,300, with tax bills ranging from $523 at the 25th percentile to $2,421 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Alexandria, Madison County, Indiana
Source: Ownwell
$41,900
$129,725
$217,550
Average Alexandria Assessed Value
$88,300
Average Madison County Assessed Value
$92,550
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alexandria, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46001 | $18,800 | $52,400 | $88,300 | $132,600 | $184,300 |
Source: Ownwell
Property Tax Bills Across Alexandria, Madison County, Indiana
Property tax bills in Alexandria, Madison County, Indiana, are determined by assessing the value of a property and applying the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $88,300, the property tax rate is applied to this assessed value to calculate the annual tax bill. Various factors influence this calculation, including property size, location, and any applicable exemptions or deductions. Homeowners in Alexandria experience a range of tax bills. At the 25th percentile, the tax bill is around $523, while at the 75th percentile, it rises to approximately $1,607. The 90th percentile sees tax bills as high as $2,421. These figures can significantly impact homeowners' finances, making it essential to understand how property taxes are calculated and to explore potential exemptions or appeals if the assessed value seems inaccurate. Compared to the national median property tax rate of 0.99%, Alexandria's rates and tax bills reflect the local economic and property market conditions.
Average Alexandria Tax Bill
$988
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Alexandria, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46001 | $210 | $523 | $988 | $1,607 | $2,421 |
Source: Ownwell