46742 Property Tax Rate

Property owners in ZIP code 46742 (Hamilton, Indiana) pay a median of $1,661/year in property taxes on homes valued at $253,300. This translates to an effective tax rate of 0.66%, which is 6% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 46742 is approximately $138, which factors into escrow payments on mortgages. This ZIP code is located within Steuben County. This is $410 more than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 46742 has lower property taxes. ZIP codes with similar effective rates include 47471 (0.66%) and 47111 (0.66%).

In Hamilton, property taxes represent approximately 2.2% of the median household income of $77,037, providing context for the relative tax burden on homeowners in this area.

Indiana reassesses property at sale to current market value, resetting your tax base to the purchase price. Steuben County offers a Homestead Standard Deduction ($45,000 off assessed value for primary residences) — file with the Steuben County Assessor within 60 days of closing. Contact the Steuben County Assessor's office to confirm your exemption application and obtain a property record showing the deduction applied.