47016 Property Tax Rate

Property owners in ZIP code 47016 (Cedar Grove, Indiana) pay a median of $1,690/year in property taxes on homes valued at $222,700. This translates to an effective tax rate of 0.76%, which is 9% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47016 is approximately $141, which factors into escrow payments on mortgages. This ZIP code is located within Franklin County. This is $439 more than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47016 has higher property taxes. ZIP codes with similar effective rates include 46391 (0.76%) and 46733 (0.76%).

In Cedar Grove, property taxes represent approximately 2.5% of the median household income of $66,533, providing context for the relative tax burden on homeowners in this area.

Indiana operates on a triennial reassessment cycle with no statewide cap on assessment increases; your property value may jump significantly when Franklin County updates its rolls. Franklin County offers a Homestead Property Tax Deduction and enhanced Supplemental Homestead Deductions for seniors 65+ and disabled residents. File your homestead exemption with the Franklin County Assessor within 30 days of closing to ensure timely enrollment in the deduction program.