47040 Property Tax Rate

Property owners in ZIP code 47040 (Rising Sun, Indiana) pay a median of $937/year in property taxes on homes valued at $180,500. This translates to an effective tax rate of 0.52%, which is 25% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47040 is approximately $78, which factors into escrow payments on mortgages. This ZIP code is located within Ohio County. This is $314 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47040 has lower property taxes. ZIP codes with similar effective rates include 47229 (0.52%) and 46058 (0.52%).

In Rising Sun, property taxes represent approximately 1.4% of the median household income of $68,865, providing context for the relative tax burden on homeowners in this area.

Indiana has no statewide property tax cap; Ohio County reassesses all properties every three years, with increases applied when values are updated. Ohio County offers a Homestead Property Tax Deduction for owner-occupied homes and Supplemental Homestead Deductions for seniors 65+ and disabled residents. Contact the Ohio County Assessor within 30 days of your purchase to file for your homestead deduction and verify your assessment.