Southport, Marion County, Indiana Property Taxes
The median property tax rate in Southport, IN is 1.30%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Southport, the typical annual property tax bill reaches $2,674, slightly below the national median of $2,690. Property taxes in Southport 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 Southport'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 Southport or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Southport, Marion County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,499
$2,319
Ownwell’s Southport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southport 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 Southport, Marion County, Indiana
Property taxes in Southport, Indiana, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Southport is 1.30%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Southport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southport 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 Southport's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46227 zip code has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these areas compare with Southport provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Southport Tax Rate
1.30%
Average Marion County Tax Rate
1.19%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southport, Marion County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46227 | 1.23% | 1.24% | 1.30% | 2.42% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Southport, Marion County, Indiana
In Southport, 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 Marion 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 Southport, 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, the median home price in Southport is $192,200, with tax bills ranging from $2,204 at the 25th percentile to $5,216 at the 90th percentile. 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 Southport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Southport, Marion County, Indiana
Source: Ownwell
$72,000
$207,650
$343,300
Average Southport Assessed Value
$192,200
Average Marion County Assessed Value
$186,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Southport, Marion County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46227 | $109,680 | $169,800 | $192,200 | $223,400 | $271,760 |
Source: Ownwell
Property Tax Bills Across Southport, Marion County, Indiana
In Southport, located in Marion County, IN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors and is a percentage of the market value of the property. Various factors such as the property's location, size, and condition are considered during this assessment. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Southport experience a range of property tax bills. For instance, the 25th percentile tax bill is $2,204, while the 75th percentile reaches $3,962, indicating a substantial variation based on property values and assessments. The 90th percentile tax bill goes up to $5,216, reflecting the higher end of property values in the area. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax obligations. These property taxes play a crucial role in funding essential community services, including schools, infrastructure, and emergency services, thereby directly impacting homeowners.
Average Southport Tax Bill
$2,674
Average Marion County Tax Bill
$2,364
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Southport, Marion County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46227 | $1,355 | $2,204 | $2,674 | $3,962 | $5,216 |
Source: Ownwell