Solsberry, Indiana Property Taxes
The median property tax rate in Solsberry, Indiana is 0.71%, which is significantly lower than both the national median of 0.99% and Indiana’s state median of 0.99%. With a median home value of $186,700 in Solsberry, the typical annual property tax bill amounts to $1,468, well below the national median of $2,690. Property taxes in Solsberry are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Solsberry's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're residing in Solsberry or investing in real estate, a thorough understanding of the local property tax structure will be beneficial.
Last Updated June 14, 2024
Solsberry, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,326
-$13,892
Ownwell’s Solsberry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Solsberry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Solsberry 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 Solsberry, Indiana
Property taxes in Solsberry, Indiana, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Solsberry is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Solsberry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Solsberry 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 Solsberry's effective property tax rate to other areas in Monroe County and the national median. For comparison, the zip code 47459 has both the highest and lowest median property tax rate of 0.71%. Understanding how these areas compare with Solsberry 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 Solsberry Tax Rate
0.71%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solsberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47459 | 0.67% | 0.69% | 0.71% | 0.89% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Solsberry, Indiana
In Solsberry, 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 Solsberry, 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 Solsberry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both $1,468, found in the 47459 zip code.
Average Solsberry Assessed Value
$186,700
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 Solsberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47459 | $140,430 | $158,925 | $186,700 | $205,325 | $207,350 |
Source: Ownwell
Property Tax Bills Across Solsberry, Indiana
In Solsberry, located in Monroe County, IN, property tax bills are calculated based on the assessed value of the home. The median home price in this area is $186,700. Property taxes are determined by multiplying the assessed value by the local tax rate. For example, if the assessed value of a home is $186,700, the property tax bill will vary based on the tax rate applied. Several factors influence the tax bill, including the home's assessed value, exemptions, and the local tax rate. Homeowners in Solsberry can expect to pay a property tax bill that falls within a range, with the 25th percentile at $1,345 and the 90th percentile at $1,690. The median tax bill is $1,468, which is higher than the national median property tax rate of 0.99%. For homeowners, understanding these elements is crucial as they directly impact the amount owed annually. Accurate assessment and awareness of possible exemptions can help manage the overall tax burden effectively.
Average Solsberry Tax Bill
$1,468
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Solsberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47459 | $1,213 | $1,345 | $1,468 | $1,580 | $1,690 |
Source: Ownwell