Mooresville, Indiana Property Taxes
The median property tax rate in Mooresville, IN is 0.57%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Mooresville, the typical annual property tax bill reaches $1,470, significantly below the national median of $2,690. Property taxes in Mooresville 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 Mooresville'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 Mooresville 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
Mooresville, 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 Mooresville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mooresville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mooresville 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 Morgan County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mooresville, Indiana
Property taxes in Mooresville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mooresville is 0.57%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Mooresville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mooresville 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 Mooresville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46158 zip code has the highest median property tax rate of 0.57%, while the 46158 zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Mooresville 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 Mooresville Tax Rate
0.57%
Average Morgan County Tax Rate
0.54%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mooresville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46158 | 0.41% | 0.49% | 0.57% | 0.71% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Mooresville, Indiana
In Mooresville, 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 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 Mooresville, 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 Mooresville 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 46158, with a median tax bill of $1,470.
Average Mooresville Assessed Value
$243,450
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 Mooresville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46158 | $128,910 | $181,400 | $243,450 | $322,525 | $423,880 |
Source: Ownwell
Property Tax Bills Across Mooresville, Indiana
In Mooresville, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Morgan County, the median home price is $243,450. The tax bill can vary significantly depending on the property's assessed value and specific tax rate. For instance, the 25th percentile tax bill is $1,002, while the 75th percentile tax bill is $2,136, and the 90th percentile tax bill reaches $2,880. The highest and lowest median tax bills in the area are both $1,470, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Mooresville's property taxes can be relatively moderate, but they still represent a significant expense for homeowners. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Mooresville Tax Bill
$1,470
Average Morgan County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mooresville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46158 | $611 | $1,002 | $1,470 | $2,136 | $2,880 |
Source: Ownwell