Elwood, Madison County, Indiana Property Taxes

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

Median Elwood, IN effective property tax rate: 1.03%, slightly higher than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Elwood, IN home value: $68,300
Median annual Elwood, IN tax bill: $820, $1,580 lower than the national median property tax bill of $2,400.

How are property taxes in Madison County calculated?

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

Last Updated March 1, 2025

Elwood, Madison County, Indiana Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.03%

Estimate Property Tax Bill

$703

$653

Ownwell’s Elwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elwood with just two data points.

By entering your property's estimated assessed value, our calculator applies Elwood’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 Madison County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Elwood, Madison County, Indiana

Local government entities are responsible for setting tax rates, leading to significant variations within a state. Each county estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially the annual process.

Elwood in Madison County, Indiana, offers a compelling case study. The effective property tax rate in Elwood is closely aligned with both the state's median and the highest and lowest rates, all of which are identical. This is slightly above the national median property tax rate of 1.02%.

For homeowners in Elwood, this means that property tax bills are comparable to the national median property tax bill of $2,400. Understanding these nuances can empower property owners to make informed decisions, ensuring they are not overpaying on their property taxes. By appealing or applying for exemptions, there is potential to reduce tax burdens, making it crucial for property owners to stay informed and proactive.

Property Tax Rates Across Elwood, Madison County, Indiana

Source: Ownwell

0.83%

1.53%

2.24%

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 Elwood Tax Rate

1.03%

Median Effective Madison County Tax Rate

1.09%

Median Effective Indiana Tax Rate

0.99%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Elwood, Madison County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
46036	0.62%	0.98%	1.03%	1.98%	2.83%

Source: Ownwell

Property Tax Assessment Values Across Elwood, Madison County, Indiana

When examining property taxes in Elwood, Indiana, 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 Madison County Assessor 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: In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Elwood. For example, the median home price in Elwood is $68,300, with tax bills ranging significantly across the county. ZIP code 46036 has the highest median home price at $68,300.

Property Tax Assessment Values Across Elwood, Madison County, Indiana

Source: Ownwell

$41,900

$129,725

$217,550

Median Elwood Market Value

$68,300

Median Madison County Market Value

$92,550

Median Indiana Market Value

$170,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Elwood, Madison County, Indiana

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
46036	$19,500	$43,500	$68,300	$98,400	$152,070

Source: Ownwell

Property Tax Bills Across Elwood, Madison County, Indiana

In Elwood, located in Madison County, IN, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined based on the market value of the property, which is influenced by factors such as location, size, and condition. Homeowners in Elwood face an average property tax bill of $820, which is significantly lower than the national median of $2,400. However, tax bills can vary widely, ranging from $490 at the 25th percentile to $1,975 at the 90th percentile, depending on individual property assessments and applicable exemptions.

For homeowners looking to reduce their property tax burden, Ownwell offers expert property tax appeal and exemption services. By analyzing property assessments and identifying potential discrepancies or overlooked exemptions, Ownwell can help homeowners achieve more accurate assessments and potentially lower their tax bills. With their expertise, homeowners in Elwood can ensure they are not overpaying, thereby optimizing their financial resources and gaining peace of mind.

Property Tax Bills Across Elwood, Madison County, Indiana

Source: Ownwell

$383

$1,214

$2,044

Median Elwood Tax Bill

$820

Median Madison County Tax Bill

$1,130

Median Indiana Tax Bill

$1,691

Median United States Tax Bill

$2,400

Property Tax Bills Across Elwood, Madison County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
46036	$216	$490	$820	$1,315	$1,975

Source: Ownwell

Don't miss the deadline to appeal!

Dates

Links
Madison Tax Assessor
Website	beacon.schneidercorp.com