Monticello, Indiana Property Taxes
The median property tax rate in Monticello, IN is 0.81%, which is lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Monticello at $163,000, the typical annual property tax bill amounts to $1,206, falling below the national median of $2,690. Property taxes in Monticello are determined based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Navigating Monticello's property tax system, exploring available exemptions, and seeking opportunities for reductions can result in substantial annual savings. Whether you reside in Monticello or another part of White County, gaining a thorough understanding of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Monticello, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,320
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Indiana
Property taxes in Monticello, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47960 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
0.81%
Average White County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47960 | 0.36% | 0.49% | 0.81% | 1.00% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Indiana
In Monticello, 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 White 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monticello is $163,000, with tax bills ranging from $601 at the 25th percentile to $3,206 at the 90th percentile. The zip code 47960 has the highest and lowest median tax bill, both at $1,206.
Average Monticello Assessed Value
$163,000
Average White County Assessed Value
$154,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47960 | $41,160 | $104,100 | $163,000 | $254,000 | $375,540 |
Source: Ownwell
Property Tax Bills Across Monticello, Indiana
In Monticello, White County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Monticello can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $601, while the 75th percentile tax bill reaches $2053. At the 90th percentile, homeowners might see tax bills as high as $3206. The median home price in Monticello is $163,000, and the median property tax bill stands at $1206, aligning closely with the national median property tax rate of 0.99%. These property taxes fund essential local services, such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Monticello Tax Bill
$1,206
Average White County Tax Bill
$1,109
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47960 | $232 | $601 | $1,206 | $2,053 | $3,206 |
Source: Ownwell