Frankton, Madison County, Indiana Property Taxes
The median property tax rate in Frankton, IN is 1.01%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $93,500 in Frankton, the typical annual property tax bill comes to $968, which is below the national median of $2,690. Property taxes in Frankton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Frankton'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 Frankton or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frankton, Madison County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$944
$876
Ownwell’s Frankton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankton 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 Frankton, Madison County, Indiana
Property taxes in Frankton, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankton is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Frankton set these rates annually, and they can vary across different neighborhoods. Each year, Frankton 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 Frankton's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46044 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with Frankton 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 Frankton Tax Rate
1.01%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankton, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46044 | 0.70% | 0.89% | 1.01% | 1.95% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Frankton, Madison County, Indiana
In Frankton, 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 Frankton, 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. For instance, properties in the zip code 46044 have the highest median tax bill of $968. 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 Frankton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Frankton, Madison County, Indiana
Source: Ownwell
$41,900
$129,725
$217,550
Average Frankton Assessed Value
$93,500
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 Frankton, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46044 | $15,630 | $59,800 | $93,500 | $136,800 | $214,010 |
Source: Ownwell
Property Tax Bills Across Frankton, Madison County, Indiana
In Frankton, Madison County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Frankton, the median home price is $93,500. The property tax rate in this region can lead to varying tax bills, with the 25th percentile tax bill at $524, and the 75th percentile reaching $1,647. At the higher end, the 90th percentile tax bill is $2,829. These figures illustrate the range of tax burdens homeowners may face, depending on their property's assessed value and the specific tax rate applied. Comparatively, the national median property tax rate is 0.99%, which serves as a benchmark for understanding local tax obligations. Homeowners in Frankton should be aware of these factors to effectively manage their property tax responsibilities and budget accordingly.
Average Frankton Tax Bill
$968
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankton, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46044 | $250 | $524 | $968 | $1,647 | $2,829 |
Source: Ownwell