Macy, Indiana Property Taxes
The median property tax rate in Macy, IN is 0.73%, which is lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $159,300 in Macy, the typical annual property tax bill amounts to $1,292, significantly below the national median of $2,690. Property taxes in Macy are based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Macy's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Macy or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Macy, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,163
Ownwell’s Macy Property Tax Bill Calculator aids homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Macy with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Macy to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Macy, Indiana
Property taxes in Macy, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Macy is 0.73%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Macy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Macy estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Macy's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46951 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Macy provides valuable insights into the varying tax landscape across Miami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macy Tax Rate
0.73%
Average Cass County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46951 | 0.49% | 0.58% | 0.73% | 0.77% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Macy, Indiana
In Macy, Indiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Cass County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Macy, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in Macy is $1292 in zip code 46951. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Macy Assessed Value
$159,300
Average Cass County Assessed Value
$79,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Macy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46951 | $85,860 | $113,400 | $159,300 | $183,250 | $197,620 |
Source: Ownwell
Property Tax Bills Across Macy, Indiana
In Macy, located in Cass County, IN, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Macy is $159,300, and homeowners can expect a tax bill that varies significantly based on their property’s assessed value and the specific tax rate applied. For example, tax bills in Macy range from the 25th percentile at $791 to the 75th percentile at $1403, with the 90th percentile reaching up to $1470. These figures highlight the variability in property tax bills within the city, influenced by factors such as property size, location, and improvements. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Macy should be aware of these factors as they can significantly impact annual financial planning and overall property costs.
Average Macy Tax Bill
$1,292
Average Cass County Tax Bill
$871
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Macy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46951 | $490 | $791 | $1,292 | $1,403 | $1,470 |
Source: Ownwell