Mackey, Indiana Property Taxes
The median property tax rate in Mackey, IN is 0.74%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $77,000 in Mackey, the typical annual property tax bill amounts to $565, significantly below the national median of $2,690. Property taxes in Mackey are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mackey'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 Mackey or another part of Gibson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mackey, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$570
Ownwell’s Mackey Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Mackey using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mackey to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mackey, Indiana
Property taxes in Mackey, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mackey is 0.74%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Mackey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mackey 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 Mackey's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47654 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Mackey provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mackey Tax Rate
0.74%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mackey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47654 | 0.25% | 0.59% | 0.74% | 1.98% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Mackey, Indiana
In Mackey, 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 Gibson 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 Mackey, 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 Mackey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mackey are $565.00, both found in the 47654 zip code.
Average Mackey Assessed Value
$77,000
Average Gibson County Assessed Value
$136,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mackey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47654 | $30,500 | $55,700 | $77,000 | $100,900 | $117,100 |
Source: Ownwell
Property Tax Bills Across Mackey, Indiana
In Mackey, Indiana, property tax bills are calculated based on the assessed value of a home. The median home price in the area stands at $77,000. Property taxes are determined by multiplying the assessed value by the local tax rate. Several factors influence this calculation, including property size, location, and market conditions. Homeowners in Mackey can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $365, while the 75th percentile tax bill reaches $1,128. At the 90th percentile, it climbs to $1,489. These figures highlight the range of property tax obligations residents may face. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. In Gibson County, where Mackey is located, the highest and lowest median tax bills are both recorded at $565 in zip code 47654. Understanding these dynamics helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Mackey Tax Bill
$565
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mackey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47654 | $202 | $365 | $565 | $1,128 | $1,489 |
Source: Ownwell