Colfax, Montgomery County, Indiana Property Taxes
Median Colfax, IN effective property tax rate: 0.69%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Colfax, IN home value: $229,050
Median annual Colfax, IN tax bill: $1,598, $802 lower than the national median property tax bill of $2,400.
How are property taxes in Montgomery calculated?
Property taxes in Colfax, 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 Colfax’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Colfax, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Colfax, Montgomery County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.69%
Estimate Property Tax Bill
$1,580
$1,467
Property Tax Rates Across Colfax, Montgomery County, Indiana
In Colfax, located in Clinton County, Indiana, the property tax landscape reflects the unique budgeting needs of the area. Local government entities determine tax rates based on their annual budgetary requirements, which are divided by the total value of all taxable properties within the jurisdiction. This calculation yields the property tax rate. While Colfax's effective property tax rate is 0.79%, it is slightly below Indiana's median property tax rate of 0.85%, and significantly lower than the national median of 1.02%. This makes Colfax an attractive location for property owners seeking lower tax obligations.
In Indiana, the property tax process involves votes and laws that influence rate setting and budget allocations, ensuring that the needs of the community are met while maintaining fiscal responsibility. Compared to other cities in Indiana, Colfax offers a competitive tax rate, which can be appealing to potential homeowners and investors. Understanding these nuances can help property owners make informed decisions and potentially reduce their property tax burden through appeals or exemptions.
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 Colfax Tax Rate
0.69%
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 Montgomery County Tax Rate
0.77%
Median Effective Indiana Tax Rate
0.99%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Colfax, Montgomery County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46035 | 0.47% | 0.56% | 0.69% | 1.05% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, Montgomery County, Indiana
When examining property taxes in Colfax, 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 Montgomery County Assessor's Office 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.
In Montgomery County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Colfax. For example, the median home price in Colfax is $229,050, with tax bills ranging significantly across the county. Zip code 46035 has the highest median home price at $229,050.
Property Tax Assessment Values Across Colfax, Montgomery County, Indiana
Source: Ownwell
$41,000
$160,550
$280,100
Median Colfax Market Value
$229,050
Median Montgomery County Market Value
$158,100
Median Indiana Market Value
$170,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Colfax, Montgomery County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46035 | $85,420 | $180,775 | $229,050 | $276,000 | $447,690 |
Source: Ownwell
Property Tax Bills Across Colfax, Montgomery County, Indiana
Median Colfax Tax Bill
$1,598
Median Montgomery County Tax Bill
$1,357
Median Indiana Tax Bill
$1,691
Median United States Tax Bill
$2,400
Property Tax Bills Across Colfax, Montgomery County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46035 | $655 | $1,087 | $1,598 | $2,592 | $3,871 |
Source: Ownwell