Frankfort, Boone County, Indiana Property Taxes

Name: Property Tax Bills Across Frankfort, Boone County, Indiana
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Frankfort, IN effective property tax rate: 0.79%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Frankfort, IN home value: $345,200
Median annual Frankfort, IN tax bill: $2,654, $254 higher than the national median property tax bill of $2,400.

How are property taxes in Boone County calculated?

Property taxes in Frankfort, IN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Frankfort’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Frankfort, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Frankfort, Boone County, Indiana Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.79%

Estimate Property Tax Bill

$2,727

$2,531

Ownwell’s Frankfort Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, our calculator applies Frankfort’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Boone County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Frankfort, Boone County, Indiana

Local government entities set tax rates, which can vary widely within a state. This variability is due to the fact that each county estimates its required budget to provide essential services annually and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is essentially the annual process. In Frankfort, Boone County, Indiana, the effective property tax rate is a reflection of these local calculations. Compared to the state's median property tax rate of 0.79%, Frankfort's rate can offer insights into how property taxes in this city align with or differ from other areas within Indiana. Additionally, when compared to the national median property tax rate of 1.02%, Frankfort's rate provides a perspective on how the city's property taxes stack up against the broader U.S. landscape. Understanding these differences can help property owners make informed decisions about property tax appeals and exemptions.

Property Tax Rates Across Frankfort, Boone County, Indiana

Source: Ownwell

0.64%

0.87%

1.10%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Frankfort Tax Rate

0.79%

Median Effective Boone County Tax Rate

1.01%

Median Effective Indiana Tax Rate

0.99%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Frankfort, Boone County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
46041	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Frankfort, Boone County, Indiana

When examining property taxes in Frankfort, IN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Boone County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: Boone County sends assessment notices in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Frankfort. For example, the median home price in Frankfort is $345,200, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Frankfort, Boone County, Indiana

Source: Ownwell

$139,650

$329,025

$518,400

Median Frankfort Market Value

$345,200

Median Boone County Market Value

$327,200

Median Indiana Market Value

$170,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Frankfort, Boone County, Indiana

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
46041	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Frankfort, Boone County, Indiana

In Frankfort, property tax bills are calculated based on the assessed value of a home, which is determined by the Boone County assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Frankfort, the median property tax bill falls between $2,501 and $2,807, which is above the national median of $2,400. This higher tax bill can significantly impact homeowners, especially when compared to the national median property tax rate of 1.02%. Factors such as the local tax rate and the assessed value of the property play a crucial role in determining the final tax bill. Ownwell helps homeowners by providing property tax appeal and exemption services, potentially reducing their tax burden. By leveraging local expertise and understanding of tax assessments, Ownwell can identify opportunities for savings, ensuring homeowners are not overpaying on their property taxes. This service is invaluable for those seeking to manage their expenses and maximize their savings.

Property Tax Bills Across Frankfort, Boone County, Indiana

Source: Ownwell

$1,185

$3,354

$5,523

Median Frankfort Tax Bill

$2,654

Median Boone County Tax Bill

$3,263

Median Indiana Tax Bill

$1,691

Median United States Tax Bill

$2,400

Property Tax Bills Across Frankfort, Boone County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
46041	N/A	N/A	N/A	N/A	N/A

Source: Ownwell