Fortville, Indiana Property Taxes
The median property tax rate in Fortville, Indiana is 0.97%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Fortville at $151,800, the typical annual property tax bill reaches $1,484, which is below the national median of $2,690. Property taxes in Fortville 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 Fortville'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 Fortville 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
Fortville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,472
Ownwell’s Fortville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fortville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fortville 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 Fortville, Indiana
Property taxes in Fortville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fortville is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Fortville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fortville 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 Fortville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46040 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Fortville 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 Fortville Tax Rate
0.97%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fortville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46040 | 0.54% | 0.76% | 0.97% | 1.51% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Fortville, Indiana
In Fortville, 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 Fortville, 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 Fortville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 46040 has the highest and lowest median tax bill in the area, both at $1,484. Understanding these nuances can be pivotal in managing and potentially reducing your property tax obligations.
Average Fortville Assessed Value
$151,800
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 Fortville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46040 | $24,600 | $95,900 | $151,800 | $239,600 | $362,240 |
Source: Ownwell
Property Tax Bills Across Fortville, Indiana
Property tax bills in Fortville, located in Madison County, Indiana, are calculated based on the assessed value of a property, which reflects the market value. The tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including property size, location, and any improvements made. In Fortville, the median home price is $151,800, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $713, while the 75th percentile reaches $2,751, and the 90th percentile can go up to $4,219. Homeowners in Fortville might find their property tax bills slightly lower than the national median property tax rate of 0.99%. This variation can impact homeowners' financial planning and budgeting. It’s essential for homeowners to stay informed about their property’s assessed value and any potential exemptions or appeals they might qualify for to manage their tax obligations effectively.
Average Fortville Tax Bill
$1,484
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fortville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46040 | $187 | $713 | $1,484 | $2,751 | $4,219 |
Source: Ownwell