Harrodsburg, Indiana Property Taxes
The median property tax rate in Harrodsburg, IN is 0.53%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Harrodsburg at $137,800, the typical annual property tax bill amounts to $740, well below the national median of $2,690. Property taxes in Harrodsburg are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Harrodsburg'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 Harrodsburg or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harrodsburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$730
-$7,654
Ownwell’s Harrodsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harrodsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harrodsburg 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 Harrodsburg, Indiana
Property taxes in Harrodsburg, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harrodsburg is 0.53%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Harrodsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harrodsburg 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 Harrodsburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47434 zip code has the highest median property tax rate of 0.53%, while the 47434 zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Harrodsburg 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 Harrodsburg Tax Rate
0.53%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harrodsburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47434 | 0.33% | 0.44% | 0.53% | 0.70% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Harrodsburg, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Harrodsburg, Indiana. 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'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 Harrodsburg, 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. The median home price in Harrodsburg is $137,800, with tax bills ranging from $502 at the 25th percentile to $2,074 at the 90th percentile. The highest and lowest median tax bills are both $740, found in zip code 47434. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Harrodsburg Assessed Value
$137,800
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 Harrodsburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47434 | $82,140 | $112,725 | $137,800 | $169,475 | $308,500 |
Source: Ownwell
Property Tax Bills Across Harrodsburg, Indiana
In Harrodsburg, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Harrodsburg is $137,800. Property taxes are calculated by applying the local tax rate to the assessed value of the property. Factors such as the home's location within Monroe County and any applicable exemptions or deductions can influence the final tax bill. For instance, homeowners in the 25th percentile pay around $502, while those in the 75th percentile pay approximately $1,085. At the higher end, the 90th percentile tax bill can reach up to $2,074. Comparatively, the highest and lowest median tax bills in Monroe County are both $740, reflecting the uniformity in tax rates within the area. These property taxes significantly impact homeowners, as they must budget for these annual expenses, which can vary widely depending on the home's assessed value and applicable tax rates.
Average Harrodsburg Tax Bill
$740
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Harrodsburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47434 | $287 | $502 | $740 | $1,085 | $2,074 |
Source: Ownwell