Montmorenci, Indiana Property Taxes
The median property tax rate in Montmorenci, IN is 1.14%, which is considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $115,900 in Montmorenci, the typical annual property tax bill reaches $927, falling below the national median of $2,690. Property taxes in Montmorenci 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 Montmorenci'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 Montmorenci or another part of Tippecanoe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montmorenci, 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 Montmorenci Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montmorenci with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montmorenci 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 Montmorenci, Indiana
Property taxes in Montmorenci, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montmorenci is 1.14%, which is higher than the U.S. national median of 0.99%. Local government entities within Montmorenci set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montmorenci 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 Montmorenci's effective property tax rate to other areas and the national median. For comparison, the 47962 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these areas compare with Montmorenci provides valuable insights into the varying tax landscape across Tippecanoe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montmorenci Tax Rate
1.14%
Average Tippecanoe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montmorenci, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47962 | 0.38% | 0.63% | 1.14% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Montmorenci, Indiana
In Montmorenci, 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 Tippecanoe 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 Montmorenci, 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 Montmorenci helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47962 has the highest median tax bill at $927, which is the same for the lowest median tax bill in the region.
Average Montmorenci Assessed Value
$115,900
Average Tippecanoe County Assessed Value
$169,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montmorenci, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47962 | $33,420 | $85,700 | $115,900 | $126,200 | $166,720 |
Source: Ownwell
Property Tax Bills Across Montmorenci, Indiana
In Montmorenci, located in Tippecanoe County, IN, property tax bills are determined based on the assessed value of a home, which is influenced by various factors such as market conditions, property characteristics, and local tax rates. The median home price in Montmorenci is $115,900, which serves as a baseline for calculating property taxes. Homeowners in this area experience a range of tax bills, with the 25th percentile at $408, the 75th percentile at $1,593, and the 90th percentile reaching up to $1,806. These figures indicate that while some homeowners benefit from relatively low taxes, others may face significantly higher bills. The highest and lowest median tax bills in the area are both $927, highlighting a degree of uniformity within certain neighborhoods. Compared to the national median property tax rate of 0.99%, Montmorenci's property tax rates can vary widely, impacting homeowners differently based on their property's assessed value and specific location within the city. This variability underscores the importance of understanding local tax assessments and their implications for household budgets.
Average Montmorenci Tax Bill
$927
Average Tippecanoe County Tax Bill
$1,655
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Montmorenci, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47962 | $247 | $408 | $927 | $1,593 | $1,806 |
Source: Ownwell