Cloverdale, Morgan County, Indiana Property Taxes
The median property tax rate in Cloverdale, IN is 0.63%, notably lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Cloverdale at $211,850, the typical annual property tax bill is $1,506, which is also below the national median of $2,690. Property taxes in Cloverdale are determined based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Cloverdale'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 Cloverdale 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
Cloverdale, Morgan County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,335
$1,239
Ownwell’s Cloverdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cloverdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cloverdale 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 Cloverdale, Morgan County, Indiana
Property taxes in Cloverdale, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cloverdale is 0.87%, higher than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Cloverdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cloverdale 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 Cloverdale's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46120 zip code has the highest median property tax rate of 0.87%, while the 46120 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Cloverdale provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cloverdale Tax Rate
0.63%
Average Morgan County Tax Rate
0.54%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cloverdale, Morgan County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46120 | 0.50% | 0.56% | 0.63% | 1.02% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Cloverdale, Morgan County, Indiana
In Cloverdale, 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 local 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 Cloverdale, 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 Cloverdale 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 area, both at $1,506, are found in the 46120 zip code.
Property Tax Assessment Values Across Cloverdale, Morgan County, Indiana
Source: Ownwell
$125,500
$237,300
$349,100
Average Cloverdale Assessed Value
$211,850
Average Morgan County Assessed Value
$228,450
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cloverdale, Morgan County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46120 | $54,380 | $143,300 | $211,850 | $296,475 | $432,880 |
Source: Ownwell
Property Tax Bills Across Cloverdale, Morgan County, Indiana
In Cloverdale, IN, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Cloverdale, the median home price is $211,850. The property tax bills can vary significantly, with the 25th percentile paying around $914 and the 75th percentile paying up to $2,165 annually. For those at the 90th percentile, the tax bill can reach $3,202. Several factors influence these variations, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Cloverdale's rates reflect the local economic conditions and municipal budget requirements. Homeowners should be aware that these taxes fund essential services like schools, infrastructure, and public safety, directly affecting the quality of life in their community. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Cloverdale Tax Bill
$1,506
Average Morgan County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cloverdale, Morgan County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46120 | $533 | $914 | $1,506 | $2,165 | $3,202 |
Source: Ownwell