Boonville, Indiana Property Taxes
The median property tax rate in Boonville, IN is 0.56%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Boonville at $119,700, the typical annual property tax bill reaches $690, significantly below the national median of $2,690. Property taxes in Boonville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Boonville'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 Boonville or another part of Spencer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boonville, 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 Boonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boonville 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 Boonville, Indiana
Property taxes in Boonville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boonville is 0.56%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Boonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boonville 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 Boonville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47601 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Boonville provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boonville Tax Rate
0.56%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boonville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47601 | 0.31% | 0.43% | 0.56% | 1.01% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Boonville, Indiana
In Boonville, 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 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 Boonville, 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 Boonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Boonville is $690, notably in the 47601 zip code.
Average Boonville Assessed Value
$119,700
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boonville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47601 | $51,800 | $82,050 | $119,700 | $163,200 | $211,700 |
Source: Ownwell
Property Tax Bills Across Boonville, Indiana
In Boonville, IN, located in Spencer County, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the market value of the home. Homeowners in Boonville typically see a range of property tax bills due to variations in property values and assessment practices. For instance, the median home price in Boonville is $119,700. Property tax bills can vary significantly, with the 25th percentile tax bill at $361 and the 75th percentile tax bill at $1,194. The 90th percentile tax bill can go up to $1,382, indicating that higher-value properties face steeper tax bills. These tax bills are influenced by factors such as property size, location, and any improvements made to the home. In comparison to the national median property tax rate of 0.99%, Boonville's property tax rates can be considered relatively moderate. Homeowners need to budget for these taxes as they form a significant part of homeownership costs, impacting overall affordability and financial planning.
Average Boonville Tax Bill
$690
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Boonville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47601 | $173 | $361 | $690 | $1,194 | $1,382 |
Source: Ownwell