Connersville, Union County, Indiana Property Taxes
The median property tax rate in Connersville, IN is 1.56%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Connersville, the typical annual property tax bill reaches $2,151, which is below the national median of $2,690. Property taxes in Connersville 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 Connersville'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 Connersville 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
Connersville, Union County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$2,381
$2,210
Ownwell’s Connersville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Connersville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Connersville 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 Connersville, Union County, Indiana
Property taxes in Connersville, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Connersville is 1.56%, significantly higher than the U.S. national median of 0.99%. Local government entities within Connersville set these rates annually, and they can vary across different neighborhoods. Each year, Connersville 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 Connersville's effective property tax rate to other areas in Union County and the national median. For comparison, the zip code 47331 has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these areas compare with Connersville provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Connersville Tax Rate
1.56%
Average Union County Tax Rate
1.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Connersville, Union County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | 0.84% | 0.93% | 1.56% | 1.93% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Connersville, Union County, Indiana
In Connersville, 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 Union 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 Connersville, 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. For example, the highest median tax bill in the area is $2,151 in the 47331 zip code, which also has the lowest median 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 Connersville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Connersville, Union County, Indiana
Source: Ownwell
$75,800
$123,650
$171,500
Average Connersville Assessed Value
$152,650
Average Union County Assessed Value
$88,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Connersville, Union County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | $74,100 | $117,700 | $152,650 | $190,225 | $235,600 |
Source: Ownwell
Property Tax Bills Across Connersville, Union County, Indiana
In Connersville, located in Union County, IN, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this value to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. For instance, the median home price in Connersville is $152,650, which serves as a reference point for tax calculations. Homeowners in Connersville can expect varying tax bills depending on their property's assessed value. At the 25th percentile, tax bills are around $1,434, while those at the 75th percentile see bills closer to $2,861. The highest tax bills, at the 90th percentile, can reach up to $3,772. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life in Connersville. By understanding how property tax bills are determined, homeowners can better anticipate their financial obligations and the benefits they receive in return.
Average Connersville Tax Bill
$2,151
Average Union County Tax Bill
$864
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Connersville, Union County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47331 | $1,040 | $1,434 | $2,151 | $2,861 | $3,772 |
Source: Ownwell