47620 Property Tax Rate

Property owners in ZIP code 47620 (Mount Vernon, Indiana) pay a median of $1,382/year in property taxes on homes valued at $215,600. This translates to an effective tax rate of 0.64%, which is 8% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47620 is approximately $115, which factors into escrow payments on mortgages. This ZIP code is located within Posey County.

Compared to similar ZIP codes in Indiana, 47620 has lower property taxes. ZIP codes with similar effective rates include 47631 (0.64%) and 46531 (0.64%).

In Mount Vernon, property taxes represent approximately 1.8% of the median household income of $74,869, providing context for the relative tax burden on homeowners in this area.

Indiana properties are reassessed and may face significant tax increases when ownership changes, as the Posey County Assessor updates assessed values based on market conditions with no statewide cap. Posey County residents may qualify for the Homestead Property Tax Deduction and Senior Citizen Deduction — apply to the Posey County Assessor's office within 60 days of closing to secure these exemptions. Verify the assessed value notice within 45 days and file a formal appeal with the Posey County Board of Tax Review if the assessment appears inflated.