Chesterfield, Indiana Property Taxes
The median property tax rate in Chesterfield, IN is 1.15%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Chesterfield at $65,900, the typical annual property tax bill reaches $778, which is significantly lower than the national median of $2,690. Property taxes in Chesterfield 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 Chesterfield'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 Chesterfield 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
Chesterfield, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Chesterfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chesterfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chesterfield 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 Chesterfield, Indiana
Property taxes in Chesterfield, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chesterfield is 1.15%, higher than the U.S. national median of 0.99%. Local government entities within Chesterfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chesterfield 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 Chesterfield's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46017 zip code has the highest median property tax rate of 1.15%, while the 46017 zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Chesterfield 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 Chesterfield Tax Rate
1.15%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chesterfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46017 | 0.73% | 0.86% | 1.15% | 2.23% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Chesterfield, Indiana
In Chesterfield, 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 Chesterfield, 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 Chesterfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46017, with a median tax bill of $778.00, while the zip code with the lowest median tax bill is also 46017, at $778.00.
Average Chesterfield Assessed Value
$65,900
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 Chesterfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46017 | $34,200 | $52,900 | $65,900 | $90,650 | $105,900 |
Source: Ownwell
Property Tax Bills Across Chesterfield, Indiana
In Chesterfield, located in Madison County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in this area is $65,900. Homeowners can expect property tax bills to vary widely; for instance, those in the 25th percentile pay around $527, while those in the 75th percentile see bills of approximately $1,167. At the 90th percentile, tax bills can reach up to $1,855. Several factors influence these tax bills, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Chesterfield's property taxes can be seen as relatively moderate. Homeowners in this area benefit from understanding these variables, as they directly impact the amount owed annually. Accurate assessments and awareness of potential exemptions can help manage and potentially reduce property tax burdens.
Average Chesterfield Tax Bill
$778
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Chesterfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46017 | $373 | $527 | $778 | $1,167 | $1,855 |
Source: Ownwell