Magnet, Indiana Property Taxes
The median property tax rate in MAGNET, IN is 1.96%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in MAGNET, the typical annual property tax bill reaches $720, which is much lower than the national median of $2,690. Property taxes in MAGNET are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding MAGNET'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 MAGNET or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magnet, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.96%
Estimate Property Tax Bill
$770
Ownwell’s MAGNET Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MAGNET with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MAGNET 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 Magnet, Indiana
Property taxes in Magnet, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnet is 1.96%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Magnet set these rates annually, and they can vary across different neighborhoods. Each year, Magnet 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 Magnet's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47520 has the highest median property tax rate of 1.96%, while the same zip code also has the lowest median tax rate of 1.96%. Understanding how these cities compare with Magnet 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 Magnet Tax Rate
1.96%
Average Perry County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnet, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47520 | 1.55% | 1.76% | 1.96% | 1.97% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Magnet, Indiana
In MAGNET, 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 Perry 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 MAGNET, 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 MAGNET helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, zip code 47520 has the highest and lowest median tax bill at $720.
Average Magnet Assessed Value
$39,300
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 Magnet, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47520 | $19,220 | $26,350 | $39,300 | $103,800 | $198,670 |
Source: Ownwell
Property Tax Bills Across Magnet, Indiana
In MAGNET, located in Perry County, IN, property tax bills are determined by assessing the market value of a home and applying the local property tax rate. The median home price in MAGNET is $39,300. Homeowners can expect property tax bills to vary significantly based on their property's assessed value and specific tax rate. For instance, the 25th percentile tax bill is $486, while the 75th percentile tax bill reaches $953, showing a wide range of tax liabilities among residents. The highest median tax bill in the area is $720, found in the zip code 47520, which aligns with the county's overall trends. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, MAGNET's property tax rate and bills are relatively modest. This can be beneficial for homeowners, potentially lowering the overall cost of homeownership and making the area more attractive for potential buyers.
Average Magnet Tax Bill
$720
Average Perry County Tax Bill
$927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnet, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47520 | $352 | $486 | $720 | $953 | $3,856 |
Source: Ownwell