Rising Sun, Indiana Property Taxes
The median property tax rate in Rising Sun, IN is 0.73%, 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 Rising Sun at $152,500, the typical annual property tax bill amounts to $1,302, well below the national median of $2,690. Property taxes in Rising Sun are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rising Sun'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 Rising Sun 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
Rising Sun, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,113
Ownwell’s Rising Sun Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rising Sun with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rising Sun 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 Rising Sun, Indiana
Property taxes in Rising Sun, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rising Sun is 0.73%, lower than the U.S. national median of 0.99%. Local government entities within Rising Sun set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rising Sun 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 Rising Sun's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47040 zip code has the median property tax rate of 0.73%. Understanding how these cities compare with Rising Sun provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rising Sun Tax Rate
0.73%
Average Ohio County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rising Sun, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47040 | 0.49% | 0.63% | 0.73% | 1.01% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Rising Sun, Indiana
In Rising Sun, 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 Ohio 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 Rising Sun, 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. For instance, the median home price in Rising Sun is $152,500, with tax bills ranging from $816 at the 25th percentile to $2,524 at the 90th percentile. The zip code with the highest and lowest median tax bill is 47040, both at $1,302. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rising Sun Assessed Value
$152,500
Average Ohio County Assessed Value
$161,350
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rising Sun, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47040 | $75,500 | $109,800 | $152,500 | $216,000 | $285,140 |
Source: Ownwell
Property Tax Bills Across Rising Sun, Indiana
In Rising Sun, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of your property. For instance, if your home has a median market value of $152,500, the assessed value will be a fraction of this amount. The tax rate is then applied to this assessed value to determine your annual property tax bill. Several factors influence your property tax bill, including the local tax rate and any exemptions or deductions for which you might qualify. In Rising Sun, the median property tax bill is $1,302, which is relatively close to the national median of 0.99%. Homeowners in the 25th percentile pay around $816, while those in the 90th percentile pay up to $2,524. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life in the community.
Average Rising Sun Tax Bill
$1,302
Average Ohio County Tax Bill
$1,342
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Rising Sun, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47040 | $479 | $816 | $1,302 | $1,892 | $2,524 |
Source: Ownwell