46036 Property Tax Rate

Property owners in ZIP code 46036 (Elwood, Indiana) pay a median of $846/year in property taxes on homes valued at $108,500. This translates to an effective tax rate of 0.78%, which is 12% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 46036 is approximately $71, which factors into escrow payments on mortgages. This ZIP code is located within Madison County. This is $405 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 46036 has higher property taxes. ZIP codes with similar effective rates include 46545 (0.78%) and 47401 (0.78%).

In Elwood, property taxes represent approximately 1.4% of the median household income of $59,082, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 46036, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Madison County's tax assessor directly.