47932 Property Tax Rate

Property owners in ZIP code 47932 (Covington, Indiana) pay a median of $1,135/year in property taxes on homes valued at $171,600. 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 47932 is approximately $95, which factors into escrow payments on mortgages. This ZIP code is located within Fountain County.

Compared to similar ZIP codes in Indiana, 47932 has higher property taxes. ZIP codes with similar effective rates include 47358 (0.66%) and 46901 (0.66%).

In Covington, property taxes represent approximately 1.9% of the median household income of $59,365, providing context for the relative tax burden on homeowners in this area.

Indiana imposes no statewide assessment growth cap, and the Fountain County Assessor may increase assessed values at any time based on market conditions without restriction. Apply for the Homestead Deduction and Senior Citizen Property Tax Deduction with the Fountain County Assessor within 60 days of closing to reduce your taxable assessed value. File a written Assessment Appeal with the Fountain County Board of Tax Review if your assessment notice reflects a value higher than recent comparable property sales.