Markle, Indiana Property Taxes
The median property tax rate in Markle, Indiana is 0.57%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Markle at $270,600, the typical annual property tax bill amounts to $1,568, which is well below the national median of $2,690. Property taxes in Markle are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Markle'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 Markle 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
Markle, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,542
Ownwell’s Markle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Markle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Markle 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 Markle, Indiana
Property taxes in Markle, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Markle is 0.57%, which is significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Markle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Markle 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 Markle's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest and lowest median property tax rates in Markle are both 0.57%, highlighting a consistent tax landscape within the city. Understanding how these figures compare with other regions in Wells County provides valuable insights into the varying tax landscape across the area, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Markle Tax Rate
0.57%
Average Wells County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Markle, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46770 | 0.42% | 0.48% | 0.57% | 0.71% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Markle, Indiana
In Markle, 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 Wells 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 Markle, 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 Markle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46770 has the highest and lowest median tax bill, both at $1,568.
Average Markle Assessed Value
$270,600
Average Wells County Assessed Value
$188,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Markle, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46770 | $140,640 | $193,800 | $270,600 | $360,400 | $491,300 |
Source: Ownwell
Property Tax Bills Across Markle, Indiana
In Markle, located in Wells County, IN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local government assessors and reflects the market value of the property. Homeowners in Markle can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,026, while at the 75th percentile, it reaches $2,478. For those in the 90th percentile, the tax bill can be as high as $3,277. The median home price in Markle is $270,600, which influences the overall tax burden. Compared to the national median property tax rate of 0.99%, Markle's tax rates are relatively moderate but can still impact homeowners' finances. Factors such as property improvements, changes in market conditions, and local government budgets can also affect the assessed value and, consequently, the tax bill. Homeowners need to stay informed about these factors to manage their property tax liabilities effectively.
Average Markle Tax Bill
$1,568
Average Wells County Tax Bill
$1,092
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Markle, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46770 | $725 | $1,026 | $1,568 | $2,478 | $3,277 |
Source: Ownwell