47358 Property Tax Rate

Property owners in ZIP code 47358 (Modoc, Indiana) pay a median of $954/year in property taxes on homes valued at $144,500. 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 47358 is approximately $80, which factors into escrow payments on mortgages. This ZIP code is located within Randolph County. This is $297 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47358 has higher property taxes. ZIP codes with similar effective rates include 46901 (0.66%) and 47041 (0.66%).

In Modoc, property taxes represent approximately 1.3% of the median household income of $75,729, providing context for the relative tax burden on homeowners in this area.

Randolph County reassesses all properties every three years, resetting your assessed value to market at purchase; monitor your assessment notice carefully after closing. Randolph County provides a Homestead Exemption and a Senior Exemption (65+) that reduce your taxable assessed value—apply with the Randolph County Assessor within 60 days of taking ownership. Request a Notice of Assessment from the Randolph County Assessor's office to verify the reassessment was performed correctly and to confirm exemption amounts.