Rockport, Spencer County, Indiana Property Taxes
The median property tax rate in Rockport, IN is 0.61%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Rockport at $112,950, the typical annual property tax bill reaches $700, which is significantly below the national median of $2,690. Property taxes in Rockport 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 Rockport'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 Rockport or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rockport, Spencer County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$689
$639
Ownwell’s Rockport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockport 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 Rockport, Spencer County, Indiana
Property taxes in Rockport, Indiana, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockport is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Rockport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockport 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 Rockport's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47635 zip code has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Rockport 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 Rockport Tax Rate
0.61%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockport, Spencer County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47635 | 0.29% | 0.45% | 0.61% | 1.09% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Rockport, Spencer County, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rockport, Indiana. 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 Spencer 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 Rockport, 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. Rockport has a median home price of $112,950, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $352, while the 75th percentile tax bill is $1,250. Interestingly, the zip code 47635 has both the highest and lowest median tax bill, each at $700. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Rockport, Spencer County, Indiana
Source: Ownwell
$18,650
$116,025
$213,400
Average Rockport Assessed Value
$112,950
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 Rockport, Spencer County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47635 | $23,500 | $56,875 | $112,950 | $184,425 | $260,950 |
Source: Ownwell
Property Tax Bills Across Rockport, Spencer County, Indiana
In Rockport, located in Spencer 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 annual property tax bill. The median home price in Rockport is $112,950, and the median tax bill is $700, aligning with the national median property tax rate of 0.99%. Several factors influence the assessed value, including the home's market value, location, and property size. Homeowners in Rockport can expect a range of property tax bills. For instance, the 25th percentile tax bill is $352, while the 75th percentile reaches $1,250, and the 90th percentile can be as high as $1,805. These taxes contribute to local services such as schools, infrastructure, and emergency services, impacting the overall community quality and individual property values. Understanding these factors helps homeowners anticipate their property tax obligations and budget accordingly.
Average Rockport Tax Bill
$700
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockport, Spencer County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47635 | $166 | $352 | $700 | $1,250 | $1,805 |
Source: Ownwell