Ellettsville, Indiana Property Taxes
The median property tax rate in Ellettsville, IN is 0.90%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Ellettsville at $207,800, the typical annual property tax bill is $1,963, which is less than the national median of $2,690. Property taxes in Ellettsville 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 Ellettsville'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 Ellettsville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ellettsville, 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 Ellettsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ellettsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ellettsville 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 Ellettsville, Indiana
Property taxes in Ellettsville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ellettsville is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Ellettsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ellettsville 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 Ellettsville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47429 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Ellettsville provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ellettsville Tax Rate
0.90%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ellettsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47429 | 0.61% | 0.78% | 0.90% | 0.98% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Ellettsville, Indiana
In Ellettsville, 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 Monroe 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 Ellettsville, 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 Ellettsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $1,963, both found in the 47429 zip code.
Average Ellettsville Assessed Value
$207,800
Average Monroe County Assessed Value
$243,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ellettsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47429 | $132,970 | $175,200 | $207,800 | $278,550 | $374,960 |
Source: Ownwell
Property Tax Bills Across Ellettsville, Indiana
In Ellettsville, located in Monroe County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the property's market value. Various factors are considered in this assessment, including the property's size, age, location, and any improvements or renovations made. Once the assessed value is established, the property tax rate is applied to calculate the annual tax bill. For homeowners in Ellettsville, the median home price is $207,800. The property tax bill can vary significantly, with the 25th percentile tax bill at $1,442 and the 75th percentile reaching $2,774. At the 90th percentile, homeowners might see tax bills as high as $3,740. These property taxes fund essential public services such as schools, law enforcement, and infrastructure maintenance. For homeowners, understanding how their property tax bill is determined helps in financial planning and ensures they are prepared for these annual expenses, which are crucial for maintaining community services and amenities.
Average Ellettsville Tax Bill
$1,963
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Ellettsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47429 | $984 | $1,442 | $1,963 | $2,774 | $3,740 |
Source: Ownwell