Orestes, Madison County, Indiana Property Taxes
The median property tax rate in Orestes, IN is 1.40%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Orestes at $56,400, the typical annual property tax bill reaches $383, which is significantly lower than the national median of $2,690. Property taxes in Orestes 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 Orestes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Orestes 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
Orestes, Madison County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$790
$733
Ownwell’s Orestes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orestes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orestes 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 Orestes, Madison County, Indiana
Property taxes in Orestes, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Orestes is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Orestes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orestes 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 Orestes's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46063 zip code has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Orestes 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 Orestes Tax Rate
1.40%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orestes, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46063 | 0.40% | 0.53% | 1.40% | 2.03% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Orestes, Madison County, Indiana
In Orestes, 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's Office 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 Orestes, 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 Orestes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Orestes is $56,400, with median tax bills ranging from $212 at the 25th percentile to $849 at the 75th percentile, and $1,245 at the 90th percentile. The zip code 46063 has the highest median tax bill of $383.
Property Tax Assessment Values Across Orestes, Madison County, Indiana
Source: Ownwell
$41,900
$129,725
$217,550
Average Orestes Assessed Value
$56,400
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 Orestes, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46063 | $8,400 | $33,100 | $56,400 | $73,400 | $90,050 |
Source: Ownwell
Property Tax Bills Across Orestes, Madison County, Indiana
In Orestes, Madison County, IN, property tax bills are calculated based on the assessed value of a home. The median home price in Orestes is $56,400, and property tax rates are applied to this value to determine the annual tax bill. The assessed value is determined by local assessors who evaluate the property’s market value and apply it to the tax rate set by the county. Homeowners in Orestes can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $212, while at the 75th percentile, it rises to $849. For those at the 90th percentile, the tax bill can reach up to $1,245. The highest and lowest median tax bills in the area are both recorded at $383 in the zip code 46063. These tax bills have a direct impact on homeowners, influencing their overall housing costs and potentially affecting their financial planning. Compared to the national median property tax rate of 0.99%, Orestes homeowners might find their tax obligations relatively manageable.
Average Orestes Tax Bill
$383
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Orestes, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46063 | $93 | $212 | $383 | $849 | $1,245 |
Source: Ownwell