Middlebury, Indiana Property Taxes
The median property tax rate in Middlebury, IN is 1.03%, slightly higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Middlebury at $233,800, the typical annual property tax bill reaches $2,536, which is below the national median of $2,690. Property taxes in Middlebury are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Middlebury'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 Middlebury or another part of Elkhart County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Middlebury, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$2,408
Ownwell’s Middlebury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Middlebury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Middlebury to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. 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 Middlebury, Indiana
Property taxes in Middlebury, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middlebury is 1.03%, which is higher than the U.S. national median of 0.99%. Local government entities within Middlebury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middlebury 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 Middlebury's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46540 zip code has the highest median property tax rate of 1.03%, while the 46540 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Middlebury provides valuable insights into the varying tax landscape across Elkhart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Middlebury Tax Rate
1.03%
Average Elkhart County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middlebury, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46540 | 0.84% | 1.00% | 1.03% | 1.25% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Middlebury, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Middlebury, Indiana. 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 Elkhart County Assessor 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 Middlebury, 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. For example, the median home price in Middlebury is $233,800. Property tax bills can vary widely, with the 25th percentile at $1,658 and the 75th percentile at $3,848, reaching up to $5,534 at the 90th percentile. The highest and lowest median tax bills are both $2,536 in the 46540 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities to protest assessments or apply for exemptions to manage their tax burden effectively.
Average Middlebury Assessed Value
$233,800
Average Elkhart County Assessed Value
$169,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Middlebury, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46540 | $65,900 | $160,500 | $233,800 | $337,000 | $467,580 |
Source: Ownwell
Property Tax Bills Across Middlebury, Indiana
In Middlebury, located in Elkhart County, IN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For instance, with a median home price of $233,800, the assessed value plays a crucial role in determining the tax bill. Homeowners in Middlebury can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,658, while the 75th percentile tax bill reaches $3,848, and the 90th percentile tax bill can be as high as $5,534. These figures highlight the range of tax burdens homeowners might face, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Middlebury's property tax landscape provides a clear picture of how local assessments and rates can influence the financial responsibilities of homeowners in the area.
Average Middlebury Tax Bill
$2,536
Average Elkhart County Tax Bill
$1,809
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Middlebury, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46540 | $632 | $1,658 | $2,536 | $3,848 | $5,534 |
Source: Ownwell