New Albany, Indiana Property Taxes
The median property tax rate in New Albany, IN is 0.98%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $147,800 in New Albany, the typical annual property tax bill amounts to $1,599, which is significantly lower than the national median of $2,690. Property taxes in New Albany are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding New Albany's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of New Albany or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Albany, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s New Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Albany 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 New Albany, Indiana
Property taxes in New Albany, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Albany is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within New Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Albany 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 New Albany's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47150 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with New Albany provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Albany Tax Rate
0.98%
Average Floyd County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47150 | 0.60% | 0.76% | 0.98% | 1.48% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across New Albany, Indiana
In New Albany, 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 Floyd 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 New Albany, 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 instance, the median home price in New Albany is $147,800, with tax bills ranging from $1,033 at the 25th percentile to $3,194 at the 90th percentile. 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 New Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Albany Assessed Value
$147,800
Average Floyd County Assessed Value
$183,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47150 | $58,900 | $96,300 | $147,800 | $206,700 | $286,420 |
Source: Ownwell
Property Tax Bills Across New Albany, Indiana
In New Albany, located in Floyd County, IN, property tax bills are determined based on the assessed value of a home, which is calculated by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in New Albany is $147,800, and the property tax rate in the area is comparable to the national median of 0.99%. Homeowners in New Albany can expect a wide range in their tax bills. At the 25th percentile, the tax bill is approximately $1,033, while at the 75th percentile, it rises to around $2,281. For those at the 90th percentile, the tax bill can reach up to $3,194. The highest median tax bill in the area is $1,599, found in the 47150 zip code, which also has the lowest median tax bill, highlighting some consistency in property tax rates within the region. These tax bills significantly impact homeowners, influencing their annual budgeting and long-term financial planning.
Average New Albany Tax Bill
$1,599
Average Floyd County Tax Bill
$1,788
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47150 | $546 | $1,033 | $1,599 | $2,281 | $3,194 |
Source: Ownwell