Richmond, Union County, Indiana Property Taxes

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

Median Richmond, IN effective property tax rate: 1.79%, significantly higher than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Richmond, IN home value: $171,500
Median annual Richmond, IN tax bill: $2,018, $382 lower than the national median property tax bill of $2,400.

How are property taxes in Union County calculated?

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

Last Updated March 1, 2025

Richmond, Union County, Indiana Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.79%

Estimate Property Tax Bill

$3,070

$2,849

Ownwell’s Richmond Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, our calculator applies Richmond’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 Union County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Richmond, Union County, Indiana

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. In Richmond, Union County, Indiana, the effective property tax rate stands at 1.79%. This is significantly higher than the national median property tax rate of 1.02%. When comparing Richmond's rate to the rest of Indiana, it is noteworthy that the city's rate is among the highest in the state. The median property tax rate for Indiana aligns with Richmond's, making it a unique case where the highest and lowest rates are the same. This indicates a consistency in property tax rates across Union County. Homeowners in Richmond can benefit from understanding these figures, as it highlights the importance of exploring potential tax appeals and exemptions. By doing so, residents may alleviate some financial burden, especially given the disparity between local and national tax rates.

Property Tax Rates Across Richmond, Union County, Indiana

Source: Ownwell

0.90%

1.35%

1.80%

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 Richmond Tax Rate

1.79%

Median Effective Union County Tax Rate

1.59%

Median Effective Indiana Tax Rate

0.99%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Richmond, Union County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
47374	0.98%	1.09%	1.79%	1.91%	1.94%

Source: Ownwell

Property Tax Assessment Values Across Richmond, Union County, Indiana

When examining property taxes in Richmond, 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 Union 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: In Union County, assessment notices are sent 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 Richmond. For example, the median home price in Richmond is $171,500, with tax bills ranging significantly across the county. Zip code 47374 has the highest median home price at $171,500.

Property Tax Assessment Values Across Richmond, Union County, Indiana

Source: Ownwell

$75,800

$123,650

$171,500

Median Richmond Market Value

$171,500

Median Union County Market Value

$88,300

Median Indiana Market Value

$170,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Richmond, Union County, Indiana

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
47374	$97,280	$119,525	$171,500	$211,875	$303,500

Source: Ownwell

Property Tax Bills Across Richmond, Union County, Indiana

In Richmond, Indiana, property tax bills are determined by applying the local tax rate to the assessed value of a property. The assessed value is typically a percentage of the market value, which is influenced by factors such as location, property size, and improvements. Richmond homeowners face varying tax bills, with the 25th percentile at $1,846 and the 75th percentile reaching $2,958. The median tax bill in Richmond aligns with the national median at $2,018, reflecting a competitive property tax environment. However, some homeowners in the 90th percentile experience tax bills as high as $5,268, significantly impacting their finances.

For homeowners looking to reduce their property tax burden, Ownwell offers expert property tax appeal and exemption services. By analyzing your property's assessed value and identifying potential discrepancies, Ownwell can help you challenge unfair assessments. This proactive approach not only ensures your property is fairly assessed but can also lead to substantial savings on your property tax bill, providing financial relief and peace of mind.

Property Tax Bills Across Richmond, Union County, Indiana

Source: Ownwell

$802

$1,477

$2,151

Median Richmond Tax Bill

$2,018

Median Union County Tax Bill

$864

Median Indiana Tax Bill

$1,691

Median United States Tax Bill

$2,400

Property Tax Bills Across Richmond, Union County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
47374	$1,627	$1,846	$2,018	$2,958	$5,268

Source: Ownwell