47041 Property Tax Rate

Property owners in ZIP code 47041 (Sunman, Indiana) pay a median of $1,848/year in property taxes on homes valued at $280,200. This translates to an effective tax rate of 0.66%, which is 5% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47041 is approximately $154, which factors into escrow payments on mortgages. This ZIP code is located within Dearborn County. This is $597 more than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47041 has lower property taxes. ZIP codes with similar effective rates include 46501 (0.66%) and 46901 (0.66%).

In Sunman, property taxes represent approximately 2.1% of the median household income of $86,778, providing context for the relative tax burden on homeowners in this area.

Indiana has no state property tax cap; Dearborn County reassesses values every three years, and new purchases are typically assessed at or near market value. Dearborn County offers a Homestead Property Tax Deduction and Supplemental Homestead Deductions for seniors and disabled homeowners earning below specified thresholds. Contact the Dearborn County Assessor's office within 30 days of purchase to apply for your homestead deduction and confirm your assessment.