Ingalls, Madison County, Indiana Property Taxes
The median property tax rate in Ingalls, IN is 0.99%, aligning with the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $105,500 in Ingalls, the typical annual property tax bill amounts to $1,095, which is lower than the national median of $2,690. Property taxes in Ingalls are based on the assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Ingalls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Ingalls or another part of Madison County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ingalls, Madison County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,044
$969
Ownwell’s Ingalls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ingalls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ingalls 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 Ingalls, Madison County, Indiana
Property taxes in Ingalls, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ingalls is 0.99%, aligning with both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Ingalls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ingalls 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 Ingalls' effective property tax rate to other areas in Indiana and the national median. For comparison, the 46048 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Ingalls 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 Ingalls Tax Rate
0.99%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ingalls, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46048 | 0.47% | 0.71% | 0.99% | 1.88% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Ingalls, Madison County, Indiana
In Ingalls, 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 Appraisal District 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 Ingalls, 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 Ingalls is $105,500, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $402, while the 75th percentile tax bill is $1,772, and the 90th percentile tax bill reaches $2,770. Interestingly, the zip code 46048 has both the highest and lowest median tax bill, set at $1,095. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Ingalls, Madison County, Indiana
Source: Ownwell
$41,900
$129,725
$217,550
Average Ingalls Assessed Value
$105,500
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 Ingalls, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46048 | $17,300 | $64,800 | $105,500 | $159,400 | $186,000 |
Source: Ownwell
Property Tax Bills Across Ingalls, Madison County, Indiana
In Ingalls, Madison County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to determine the annual property tax bill. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Ingalls can expect property tax bills to vary widely; for instance, the 25th percentile tax bill is around $402, while the 75th percentile tax bill reaches $1,772, and the 90th percentile tax bill can go up to $2,770. The median home price in Ingalls is $105,500, which provides a benchmark for understanding these tax bills. Comparatively, the national median property tax rate is 0.99%, making Ingalls' property tax rates relatively moderate. These taxes are crucial as they fund local services such as schools, public safety, and infrastructure, thereby directly affecting the quality of life for homeowners.
Average Ingalls Tax Bill
$1,095
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Ingalls, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46048 | $157 | $402 | $1,095 | $1,772 | $2,770 |
Source: Ownwell