Monticello, Pulaski County, Indiana Property Taxes
The median property tax rate in Monticello, IN is 1.12%, higher than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $16,500 in Monticello, the typical annual property tax bill is $139, which is significantly lower than the national median of $2,690. Property taxes in Monticello are calculated based on the assessed value, often below market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Monticello's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Monticello or another part of Pulaski County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monticello, Pulaski County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$185
$171
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Pulaski County, Indiana
Property taxes in Monticello, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 1.12%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47960 zip code has the highest median property tax rate of 1.12%, while the lowest median tax rate is also 1.12%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
1.12%
Average Pulaski County Tax Rate
0.66%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Pulaski County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47960 | 0.40% | 1.08% | 1.12% | 1.14% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Pulaski County, Indiana
In Monticello, 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 Pulaski 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $139 in zip code 47960, while the lowest is also $139 in the same zip code.
Property Tax Assessment Values Across Monticello, Pulaski County, Indiana
Source: Ownwell
$16,500
$92,950
$169,400
Average Monticello Assessed Value
$16,500
Average Pulaski County Assessed Value
$99,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Pulaski County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47960 | $4,370 | $6,975 | $16,500 | $27,125 | $116,150 |
Source: Ownwell
Property Tax Bills Across Monticello, Pulaski County, Indiana
In Monticello, IN, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors that influence the assessed value include the property's market value, location, and any improvements made. In Monticello, the median home price is $16,500, which is relatively low compared to national standards. Homeowners in Monticello can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $73, while the 75th percentile reaches $281, and the 90th percentile can go up to $498. This variability highlights the impact of property value and specific tax rates on individual tax bills. For comparison, the highest and lowest median tax bills in the area are both $139, found in the 47960 zip code. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Monticello Tax Bill
$139
Average Pulaski County Tax Bill
$631
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Pulaski County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47960 | $49 | $73 | $139 | $281 | $498 |
Source: Ownwell