Montgomery, Indiana Property Taxes
The median property tax rate in Montgomery, IN is 0.92%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $245,600 in Montgomery, the typical annual property tax bill amounts to $2,274, which is lower than the national median of $2,690. Property taxes in Montgomery are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Montgomery'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 Montgomery 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
Montgomery, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,260
Ownwell’s Montgomery Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Montgomery with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Montgomery to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in trends at the neighborhood level, more localized information is available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Montgomery, Indiana
Property taxes in Montgomery, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montgomery is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Montgomery set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montgomery 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 Montgomery's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47558 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Montgomery provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montgomery Tax Rate
0.92%
Average Daviess County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montgomery, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47558 | 0.58% | 0.74% | 0.92% | 1.18% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Montgomery, Indiana
In Montgomery, 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 Daviess 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 Montgomery, 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. Being aware of these valuation processes in Montgomery helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median property tax bill in Montgomery is $2,274, found in the 47558 zip code, while the lowest median tax bill is also $2,274 in the same zip code.
Average Montgomery Assessed Value
$245,600
Average Daviess County Assessed Value
$140,350
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montgomery, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47558 | $80,400 | $152,400 | $245,600 | $338,400 | $423,320 |
Source: Ownwell
Property Tax Bills Across Montgomery, Indiana
In Montgomery, located in Daviess 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 Montgomery is $245,600, and with the national median property tax rate at 0.99%, homeowners can expect varying tax bills depending on their property's assessed value. Factors such as property size, location, and improvements can influence the assessed value, impacting the overall tax bill. For instance, the 25th percentile tax bill in Montgomery is $1,274, while the 75th percentile tax bill is $3,459. At the higher end, the 90th percentile tax bill reaches $4,636. These variations illustrate how different factors contribute to the final amount owed by homeowners. Understanding these components is crucial for homeowners to anticipate their property tax obligations and manage their finances effectively.
Average Montgomery Tax Bill
$2,274
Average Daviess County Tax Bill
$1,299
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Montgomery, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47558 | $518 | $1,274 | $2,274 | $3,459 | $4,636 |
Source: Ownwell