47331 Property Tax Rate

Property owners in ZIP code 47331 (Connersville, Indiana) pay a median of $878/year in property taxes on homes valued at $115,300. This translates to an effective tax rate of 0.76%, which is 10% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47331 is approximately $73, which factors into escrow payments on mortgages. This ZIP code is located within Fayette County. This is $373 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47331 has higher property taxes. ZIP codes with similar effective rates include 46341 (0.76%) and 46787 (0.76%).

In Connersville, property taxes represent approximately 1.6% of the median household income of $56,530, providing context for the relative tax burden on homeowners in this area.

Fayette County will reassess your home to market value at purchase as part of Indiana's triennial reassessment cycle; your closing price becomes the new assessed value. Fayette County residents qualify for a Homestead Exemption and may qualify for additional relief if you're a senior (65+) or disabled—file with the Fayette County Assessor immediately. Submit all exemption paperwork within 60 days of closing to ensure you don't miss the filing deadline for that tax year.