Cannelton, Indiana Property Taxes
The median property tax rate in Cannelton, IN is 1.10%, which is higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $71,500 in Cannelton, the typical annual property tax bill amounts to $762, which is below the national median of $2,690. Property taxes in Cannelton are based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Cannelton'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 Cannelton or another part of Perry County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cannelton, 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 Cannelton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cannelton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cannelton 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 Cannelton, Indiana
Property taxes in Cannelton, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cannelton is 1.10%, which is higher than the U.S. national median of 0.99%. Local government entities within Cannelton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cannelton 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 Cannelton's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47520 zip code has the highest median property tax rate of 1.10%, while the 47520 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Cannelton provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cannelton Tax Rate
1.10%
Average Perry County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cannelton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47520 | 0.45% | 0.72% | 1.10% | 1.94% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Cannelton, Indiana
In Cannelton, 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 Cannelton, 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 Cannelton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Perry County, the highest median tax bill is $762.00 in the 47520 zip code, while the lowest median tax bill is also $762.00 in the same zip code.
Average Cannelton Assessed Value
$71,500
Average Perry County Assessed Value
$97,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cannelton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47520 | $19,160 | $37,700 | $71,500 | $121,400 | $184,600 |
Source: Ownwell
Property Tax Bills Across Cannelton, Indiana
In Cannelton, Perry County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $71,500, the tax bill can vary significantly. Homeowners at the 25th percentile might see tax bills around $451, while those at the 75th percentile could face bills up to $1,290. At the 90th percentile, tax bills can reach as high as $2,056. The local tax rate plays a crucial role in these calculations, and it can vary depending on several factors, including local government budgets and funding needs for public services like schools and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Cannelton experience a range of tax bills that reflect the diverse property values and local fiscal policies. These tax bills can significantly impact household budgets, making it essential for homeowners to understand how their tax liabilities are determined.
Average Cannelton Tax Bill
$762
Average Perry County Tax Bill
$927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cannelton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47520 | $251 | $451 | $762 | $1,290 | $2,056 |
Source: Ownwell