Bunker Hill, Indiana Property Taxes
The median property tax rate in Bunker Hill, IN is 0.68%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $121,650 in Bunker Hill, the typical annual property tax bill is $917, significantly below the national median of $2,690. Property taxes in Bunker Hill are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Bunker Hill's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bunker Hill or another part of Miami County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bunker Hill, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Bunker Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bunker Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bunker Hill 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 Bunker Hill, Indiana
Property taxes in Bunker Hill, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bunker Hill is 0.68%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Bunker Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bunker Hill 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 Bunker Hill's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46914 has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Bunker Hill provides valuable insights into the varying tax landscape across Miami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bunker Hill Tax Rate
0.68%
Average Miami County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bunker Hill, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46914 | 0.35% | 0.49% | 0.68% | 1.14% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Bunker Hill, Indiana
In Bunker Hill, 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 Miami 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 Bunker Hill, 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 Bunker Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills in Bunker Hill is 46914, with a median tax bill of $917.
Average Bunker Hill Assessed Value
$121,650
Average Miami County Assessed Value
$92,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bunker Hill, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46914 | $35,050 | $75,200 | $121,650 | $190,050 | $277,700 |
Source: Ownwell
Property Tax Bills Across Bunker Hill, Indiana
In Bunker Hill, located in Miami County, IN, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. For example, if the median home price in Bunker Hill is $121,650, the assessed value would be a fraction of that amount. The property tax rate is then applied to the assessed value to determine the tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Bunker Hill can expect their tax bills to vary significantly. The 25th percentile of tax bills is around $516, while the 75th percentile is approximately $1,474. Those in the 90th percentile face tax bills up to $2,153. Comparatively, the national median property tax rate is 0.99%, making it vital for homeowners to understand how local rates and assessed values impact their annual expenses. This variability can affect financial planning and long-term investment in property.
Average Bunker Hill Tax Bill
$917
Average Miami County Tax Bill
$709
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bunker Hill, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46914 | $245 | $516 | $917 | $1,474 | $2,153 |
Source: Ownwell