Eminence, Indiana Property Taxes
The median property tax rate in Eminence, IN is 1.00%, which is slightly above both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $123,100 in Eminence, the typical annual property tax bill is around $1,205, which falls below the national median of $2,690. Property taxes in Eminence are calculated based on the assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Eminence'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 Eminence or another part of Morgan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eminence, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,231
Ownwell’s Eminence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eminence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eminence 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 Eminence, Indiana
Property taxes in Eminence, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eminence is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Eminence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eminence 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 Eminence's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46125 has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Eminence provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eminence Tax Rate
1.00%
Average Morgan County Tax Rate
0.54%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eminence, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46125 | 0.95% | 0.97% | 1.00% | 1.04% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Eminence, Indiana
In Eminence, 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 Morgan 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 Eminence, 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. The median home price in Eminence is $123,100, with tax bills ranging from $1,023 at the 25th percentile to $1,495 at the 90th percentile. The highest and lowest median tax bills are both in the 46125 zip code, at $1,205. Being aware of these valuation processes in Eminence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eminence Assessed Value
$123,100
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 Eminence, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46125 | $87,180 | $100,650 | $123,100 | $145,550 | $159,020 |
Source: Ownwell
Property Tax Bills Across Eminence, Indiana
In Eminence, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. For homeowners in Eminence, the median home price is $123,100. Property tax rates in this region are influenced by various factors, including local government budgets, school funding requirements, and public services. Homeowners in Eminence can expect a range of property tax bills. The 25th percentile tax bill is $1,023, while the 75th percentile tax bill is $1,386. For those at the higher end, the 90th percentile tax bill reaches up to $1,495. The highest median tax bill in the area, recorded at $1,205, is found in the zip code 46125, which also happens to have the lowest median tax bill. These tax bills can significantly impact homeowners by affecting their monthly mortgage payments and overall financial planning.
Average Eminence Tax Bill
$1,205
Average Morgan County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Eminence, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46125 | $915 | $1,023 | $1,205 | $1,386 | $1,495 |
Source: Ownwell