47597 Property Tax Rate

Property owners in ZIP code 47597 (Wheatland, Indiana) pay a median of $850/year in property taxes on homes valued at $140,000. This translates to an effective tax rate of 0.61%, which is 13% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47597 is approximately $71, which factors into escrow payments on mortgages. This ZIP code is located within Knox County. This is $401 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47597 has lower property taxes. ZIP codes with similar effective rates include 47167 (0.61%) and 47342 (0.61%).

In Wheatland, property taxes represent approximately 1.2% of the median household income of $68,409, providing context for the relative tax burden on homeowners in this area.

Knox County reassesses all properties every three years, with your purchase price becoming the new assessed value at closing; document your final sale amount. Knox County residents qualify for a Homestead Exemption and Veteran's Exemption if you served in the military—contact the Knox County Assessor within 60 days of purchase to file. Submit your exemption applications with required proof (DD-214 for veterans) before the deadline in your assessment notice to activate tax relief.