Indiana— Property Tax & Closing Costs
2024 Census dataEffective tax rate
0.91%
of assessed value annually
Median home value
$224,000
2024 ACS survey
Median taxes paid
$2,028/yr
2024 data
Marion County's 0.91% effective property tax rate falls in the middle 50% of US counties — close to the national median of 0.81%. Within Indiana's 92 counties, it's the 2nd highest. On the county's median home value of $224,000, the typical homeowner pays $2,028 annually in property tax — $399 more than the national median of $1,629. Indiana charges no state real estate transfer tax, which keeps closing costs here lower than high-transfer-tax states like New York, Pennsylvania, or Delaware. FEMA data shows 45.0% of Marion County's land area falls within a Special Flood Hazard Area — a very high exposure level. Flood insurance is required for federally-backed mortgages in those zones and commonly adds $800–$3,000 per year.
Calculate your true cost
Enter any purchase price to see the full cost breakdown for Marion County.
County median: $224,000
Leave at $0 if the property has no homeowners association.
LTV: 80.00%
At closing
Monthly ongoing
Year one
Very high flood risk — over 30% of this county lies in a FEMA flood zone. Flood insurance is required for any federally-backed mortgage in the SFHA. Check your property at msc.fema.gov.
All figures are estimates for planning purposes only. Mortgage payment assumes a 30-year fixed rate of 6.8% — your lender will confirm the actual rate. Closing costs vary by lender and transaction. Consult a licensed real estate attorney and lender before making any financial decisions.
Indiana property tax exemptions
Ways buyers in Marion County may reduce their annual property tax. These programs apply statewide; verify county specifics with your local assessor.
Standard Homestead Deduction
For 2026 assessment date, $40,000 off assessed value of primary residence (reduced from $48,000 in 2025). Phases out fully by 2031 as supplemental deduction phases in.
View official source →Supplemental Homestead Deduction
2026: 40% reduction of remaining assessed value after the standard deduction (automatic, no separate application). Phases up to 66.7% by 2031.
View official source →Supplemental Homestead Credit
New for 2026: additional credit of one-tenth of property tax liability, up to $300 annually, automatically applied to qualifying homestead parcels.
View official source →Circuit Breaker Tax Cap
Indiana caps residential homestead property tax at 1% of gross assessed value; other residential at 2%; non-residential at 3%.
View official source →Last verified 2026-04. Exemption amounts and eligibility change frequently — always confirm with your county assessor before claiming.
Frequently asked questions
Answers to common questions about buying a home in Marion County.
The effective property tax rate in Marion County is 0.91% — calculated as the median annual property tax paid ($2,028) divided by the median home value ($224,000), using 2024 US Census ACS 5-year estimates. Your actual bill depends on your purchase price, homestead or senior exemptions, and any special assessments applied in your taxing district.
No. Indiana does not impose a state real estate transfer tax, which keeps closing costs in Marion County lower than in states like New York, Pennsylvania, or Delaware where transfer taxes can add thousands of dollars at closing.
Yes, substantially. FEMA National Risk Index data shows 45.0% of Marion County's land area falls within a Special Flood Hazard Area (SFHA). Flood insurance is required for any federally-backed mortgage on a property inside an SFHA and commonly adds $800–$3,000 per year. Check your specific property's flood zone at msc.fema.gov before buying.
Closing costs for a buyer in Marion County typically run $4,480–$11,200 (2–5% of purchase price) on a median-priced home, including title insurance ($800–$2,000), appraisal ($400–$700), home inspection ($350–$600), recording fees ($100–$300), and loan origination (0.5–1.0% of the loan amount). Use the calculator above for a specific estimate at your purchase price.
Data sources for Marion County
Every figure on this page is traceable. Verify the numbers yourself against the original public data.
Source for the 0.91% effective property tax rate, median home value, and median taxes paid (ACS 5-year, 2024 vintage).
Source for county-level flood zone exposure, wildfire risk, and other natural hazard ratings. Updated quarterly by FEMA.
Look up a specific property's flood zone and insurance rate map before making an offer on a home in Marion County.
Guides for Indiana home buyers
What every buyer should read before making an offer.
HOA Documents
HOA lawsuits — how to check for pending litigation against your future HOA before you close
A buyer closed on a house and only then found out about ongoing HOA lawsuits. Six checks you can run yourself before your contingencies expire.
Read the guide →HOA Documents
Undisclosed HOA special assessment — what you can do if you find out after closing
HOA special assessment not on the disclosure? One buyer got a $15,000 bill the day after closing. How to catch it before — and what to do after.
Read the guide →