Colfax, Indiana Property Taxes
The median property tax rate in Colfax, IN, is 0.69%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Colfax at $229,050, the typical annual property tax bill reaches $1,598, falling below the national median of $2,690. Property taxes in Colfax 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 Colfax'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 Colfax 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
Colfax, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,580
Ownwell’s Colfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colfax 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 Colfax, Indiana
Property taxes in Colfax, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colfax is 0.69%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Colfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colfax 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 Colfax's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46035 zip code has the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Colfax provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colfax Tax Rate
0.69%
Average Montgomery County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46035 | 0.47% | 0.56% | 0.69% | 1.05% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, Indiana
In Colfax, 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 Montgomery 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 Colfax, 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 Colfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46035, with a median tax bill of $1,598.
Average Colfax Assessed Value
$229,050
Average Montgomery County Assessed Value
$158,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46035 | $85,420 | $180,775 | $229,050 | $276,000 | $447,690 |
Source: Ownwell
Property Tax Bills Across Colfax, Indiana
In Colfax, located in Montgomery County, IN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the property's market value and apply an assessment ratio. Homeowners in Colfax face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $1,087, while the 75th percentile reaches up to $2,592. At the 90th percentile, homeowners might see bills as high as $3,871. These tax bills are influenced by various factors, including property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, Montgomery County’s rates can result in substantial annual costs for homeowners. The highest and lowest median tax bills in the area are both $1,598, indicating a relatively consistent tax rate across different properties. This consistency can help homeowners better predict their annual expenses, although individual tax bills will still vary based on specific property assessments.
Average Colfax Tax Bill
$1,598
Average Montgomery County Tax Bill
$1,357
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46035 | $655 | $1,087 | $1,598 | $2,592 | $3,871 |
Source: Ownwell