Stanford, Indiana Property Taxes
The median property tax rate in Stanford, Indiana is 1.40%, significantly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $169,900 in Stanford, the typical annual property tax bill reaches $2,157, which is below the national median of $2,690. Property taxes in Stanford 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 Stanford'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 Stanford 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
Stanford, 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 Stanford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stanford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stanford 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 Stanford, Indiana
Property taxes in Stanford, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stanford is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Stanford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stanford 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 Stanford's effective property tax rate to other areas in Monroe County and the national median. For comparison, the zip code 47463 has both the highest and lowest median property tax rate of 1.40%. Understanding how these cities compare with Stanford 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 Stanford Tax Rate
1.40%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stanford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47463 | 0.77% | 1.00% | 1.40% | 1.41% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Stanford, Indiana
In Stanford, 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 Stanford, 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 Stanford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill is 47463, with a median tax bill of $2,157. Conversely, the zip code with the lowest median tax bill is also 47463, with the same median tax bill of $2,157. This highlights the importance of understanding local valuation processes and seeking professional guidance to manage property taxes effectively.
Average Stanford Assessed Value
$169,900
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 Stanford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47463 | $155,020 | $160,600 | $169,900 | $173,600 | $175,820 |
Source: Ownwell
Property Tax Bills Across Stanford, Indiana
In Stanford, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the home. For homeowners in Stanford, this means that their tax bill is influenced by the current market conditions and the specific characteristics of their property. For a median home price of $169,900, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $1,598, while the 75th percentile tax bill reaches $2,317. At the 90th percentile, the tax bill is approximately $2,413. These figures highlight the range of property tax burdens that homeowners in Stanford might face, which can impact their overall financial planning and homeownership costs. Comparatively, the highest median tax bill in the region is $2,157, found in the zip code 47463. This illustrates that Stanford's property tax rates can be relatively high, affecting homeowners' budgets and the affordability of properties in the area.
Average Stanford Tax Bill
$2,157
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Stanford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47463 | $1,263 | $1,598 | $2,157 | $2,317 | $2,413 |
Source: Ownwell