Mitchell, Indiana Property Taxes
The median property tax rate in Mitchell, Indiana is 0.52%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $20,300 in Mitchell, the typical annual property tax bill is $105, well below the national median of $2,690. Property taxes in Mitchell are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Mitchell'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 Mitchell or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mitchell, 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 Mitchell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mitchell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mitchell 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 Mitchell, Indiana
Property taxes in Mitchell, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mitchell is 0.52%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Mitchell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mitchell 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 Mitchell's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47446 zip code has the highest median property tax rate of 0.52%, while the 47446 zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Mitchell provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mitchell Tax Rate
0.52%
Average Orange County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mitchell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47446 | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Mitchell, Indiana
In Mitchell, 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 Orange 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 Mitchell, 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 Mitchell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47446 has both the highest and lowest median tax bills, each amounting to $105.
Average Mitchell Assessed Value
$20,300
Average Orange County Assessed Value
$102,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mitchell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47446 | $20,300 | $20,300 | $20,300 | $20,300 | $20,300 |
Source: Ownwell
Property Tax Bills Across Mitchell, Indiana
In Mitchell, located in Orange County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and reflects the market value of the property. Homeowners in Mitchell experience a relatively low property tax burden compared to the national median property tax rate of 0.99%. For example, the median home price in Mitchell is $20,300, and the property tax bill at the 25th, 75th, and 90th percentiles is consistently $105. This uniformity suggests a stable and predictable tax environment for homeowners. Factors such as property size, location, and improvements can influence the assessed value, but in Mitchell, the tax rate ensures that even higher-valued properties remain affordable. This low property tax rate can be beneficial for homeowners, making homeownership more accessible and manageable. It also provides a sense of financial stability, allowing residents to plan their finances without worrying about significant fluctuations in their property tax bills.
Average Mitchell Tax Bill
$105
Average Orange County Tax Bill
$783
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mitchell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47446 | $105 | $105 | $105 | $105 | $105 |
Source: Ownwell