Boonville, Indiana Property Taxes
The median property tax rate in Boonville, IN is 0.89%, slightly below the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Boonville at $147,900, the typical annual property tax bill is around $1,318, which is significantly lower than the national median of $2,690. Property taxes in Boonville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Boonville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Boonville or another part of Warrick County, grasping 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
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,316
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boonville is 0.89%, slightly lower than 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 the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Boonville provides valuable insights into the varying tax landscape across Warrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boonville Tax Rate
0.89%
Average Warrick County Tax Rate
0.75%
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 | 0.48% | 0.68% | 0.89% | 1.05% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Boonville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Boonville, 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 local 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 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. The median home price in Boonville is $147,900, with tax bills ranging from $834 at the 25th percentile to $3,157 at the 90th percentile. The highest and lowest median tax bills are both $1,318, found in the 47601 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boonville Assessed Value
$147,900
Average Warrick County Assessed Value
$208,800
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 | $61,500 | $103,200 | $147,900 | $232,100 | $341,200 |
Source: Ownwell
Property Tax Bills Across Boonville, Indiana
In Boonville, Warrick County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Homeowners in Boonville can expect property tax bills that reflect various factors, including the property's assessed value, local tax rates, and any applicable exemptions. The median home price in Boonville stands at $147,900. Property tax bills vary significantly, with the 25th percentile bill at $834 and the 75th percentile bill at $2,045. The highest median tax bill in the area is $1,318, consistent across the 47601 zip code. This range highlights how property taxes can differ based on individual property assessments and local tax levies. These property tax bills impact homeowners by influencing their annual expenses and potentially affecting their financial planning. Compared to the national median property tax rate of 0.99%, Boonville’s tax rates offer a perspective on how local property taxes align with broader trends.
Average Boonville Tax Bill
$1,318
Average Warrick County Tax Bill
$1,576
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 | $447 | $834 | $1,318 | $2,045 | $3,157 |
Source: Ownwell