Knox, Indiana Property Taxes
The median property tax rate in Knox, IN is 0.92%, slightly below the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $263,800 in Knox, the typical annual property tax bill amounts to $2,414, which is lower than the national median of $2,690. Property taxes in Knox are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Knox'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 Knox or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Knox, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,427
Ownwell’s Knox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knox 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 Knox, Indiana
Property taxes in Knox, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knox is 0.69%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Knox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knox 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 Knox's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in the county is also 0.69%, found in the zip code 46534, while the lowest median tax rate is the same at 0.69%. Understanding how these cities compare with Knox provides valuable insights into the varying tax landscape across Starke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knox Tax Rate
0.92%
Average St. Joseph County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knox, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46534 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Knox, Indiana
In Knox, 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 assessment authority 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 Knox, 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 Knox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Knox are both $2414, with the zip code 46534 having this value.
Average Knox Assessed Value
$263,800
Average St. Joseph County Assessed Value
$157,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knox, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46534 | $263,800 | $263,800 | $263,800 | $263,800 | $263,800 |
Source: Ownwell
Property Tax Bills Across Knox, Indiana
Property tax bills in Knox, located in St. Joseph County, Indiana, are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Knox, the median home price is $263,800, and the property tax rate is influenced by various factors, including local government budgets and school district funding needs. The median property tax bill in Knox is $2,414, which is significantly higher than the national median property tax rate of 0.99%. Tax bills can vary widely, but in Knox, the 25th, 75th, and 90th percentile tax bills are all $2,414, indicating a consistent tax rate across different property values. This consistency helps homeowners anticipate their annual tax responsibilities more accurately. High property taxes can affect homeowners by increasing the overall cost of homeownership, potentially impacting affordability and influencing decisions related to property investment and long-term residency.
Average Knox Tax Bill
$2,414
Average St. Joseph County Tax Bill
$1,785
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Knox, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46534 | $2,414 | $2,414 | $2,414 | $2,414 | $2,414 |
Source: Ownwell