Nashville, Indiana Property Taxes
The median property tax rate in Nashville, Indiana is 1.18%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Nashville at $342,200, the typical annual property tax bill reaches $3,957, exceeding the national median of $2,690. Property taxes in Nashville 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 Nashville'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 Nashville 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
Nashville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$4,038
-$42,318
Ownwell’s Nashville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Nashville using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nashville 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 Nashville, Indiana
Property taxes in Nashville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nashville is 1.18%, significantly higher than the U.S. national median of 0.99%. Local government entities within Nashville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nashville 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 Nashville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47448 has both the highest and lowest median property tax rate of 1.18%. Understanding how these areas compare with Nashville 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 Nashville Tax Rate
1.18%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nashville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47448 | 0.60% | 0.68% | 1.18% | 1.21% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Nashville, Indiana
In Nashville, 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 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 Nashville, 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 Nashville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47448 in Nashville has the highest median tax bill at $3,957. By staying informed about these key aspects, homeowners can make more strategic decisions regarding their property taxes.
Average Nashville Assessed Value
$342,200
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 Nashville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47448 | $119,040 | $247,300 | $342,200 | $484,600 | $636,240 |
Source: Ownwell
Property Tax Bills Across Nashville, Indiana
Property tax bills in Nashville, Monroe County, Indiana, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. For instance, in Monroe County, the median home price is $342,200. Property tax bills can vary widely, with the 25th percentile at $2,165 and the 75th percentile at $4,528, indicating a range of tax burdens depending on property specifics. The highest median tax bill in the area is $3,957, found in the 47448 zip code. These property taxes are crucial for funding local services, including schools, infrastructure, and emergency services, affecting homeowners directly through their financial planning and indirectly through the quality of community services. Compared to the national median property tax rate of 0.99%, the rates in Monroe County reflect the unique economic and social factors influencing the region.
Average Nashville Tax Bill
$3,957
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Nashville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47448 | $860 | $2,165 | $3,957 | $4,528 | $6,162 |
Source: Ownwell