Smithville, Indiana Property Taxes
The median property tax rate in Smithville, IN is 0.50%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Smithville at $109,000, the typical annual property tax bill reaches $445, significantly below the national median of $2,690. Property taxes in Smithville 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 Smithville'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 Smithville or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$545
-$5,712
Ownwell’s Smithville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithville 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 Smithville, Indiana
Property taxes in Smithville, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville is 0.50%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Smithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville 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 Smithville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47458 has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Smithville 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 Smithville Tax Rate
0.50%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47458 | 0.15% | 0.30% | 0.50% | 0.98% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Smithville, 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 Smithville, 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 Smithville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Monroe County, the zip code 47458 has both the highest and lowest median tax bills at $445.
Average Smithville Assessed Value
$109,000
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 Smithville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47458 | $42,260 | $63,600 | $109,000 | $150,900 | $194,100 |
Source: Ownwell
Property Tax Bills Across Smithville, Indiana
In Smithville, Monroe County, IN, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by local assessors who evaluate various factors such as the market value of similar properties, the size and condition of your home, and any improvements or renovations. Once the assessed value is established, the local tax rate is applied to calculate your annual property tax bill. For homeowners in Smithville, the median home price is $109,000. Property tax bills can vary significantly, ranging from the 25th percentile at $310 to the 75th percentile at $876, and reaching as high as $1,308 at the 90th percentile. The median property tax bill in the highest and lowest zip codes within Monroe County stands at $445. This variability in tax bills affects homeowners differently, depending on the assessed value of their property and the specific tax rate applied. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Smithville Tax Bill
$445
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47458 | $161 | $310 | $445 | $876 | $1,308 |
Source: Ownwell