Unionville, Indiana Property Taxes
The median property tax rate in Unionville, Indiana is 0.80%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Unionville at $251,250, the typical annual property tax bill is approximately $2,362, falling below the national median of $2,690. Property taxes in Unionville are calculated based on the assessed value, which often is lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Unionville'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 Unionville 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
Unionville, 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 Unionville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Unionville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Unionville 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 Unionville, Indiana
Property taxes in Unionville, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Unionville is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Unionville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Unionville 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 Unionville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47468 zip code has the same median property tax rate of 0.80%. Understanding how these cities compare with Unionville 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 Unionville Tax Rate
0.80%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Unionville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47468 | 0.44% | 0.61% | 0.80% | 1.32% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Unionville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Unionville, 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 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 Unionville, 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 Unionville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47468 has the highest and lowest median tax bill, both at $2,362.
Average Unionville Assessed Value
$251,250
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 Unionville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47468 | $99,320 | $168,300 | $251,250 | $433,675 | $626,000 |
Source: Ownwell
Property Tax Bills Across Unionville, Indiana
In Unionville, Monroe County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the market value of similar homes in the area, the condition and size of the property, and any improvements or additions made to the home. For homeowners in Unionville, the median home price is $251,250. The tax bill can vary significantly, with the 25th percentile at $1,095 and the 75th percentile reaching $4,282. At the 90th percentile, tax bills can be as high as $7,310. These variations reflect differences in property values and assessment practices. Comparatively, the national median property tax rate is 0.99%, indicating that Unionville's property tax rates can have a substantial impact on homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Unionville Tax Bill
$2,362
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Unionville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47468 | $597 | $1,095 | $2,362 | $4,282 | $7,310 |
Source: Ownwell