Greenfield, Indiana Property Taxes
The median property tax rate in Greenfield, Indiana is 0.75%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Greenfield, the typical annual property tax bill reaches $1,751, falling below the national median of $2,690. Property taxes in Greenfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenfield'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 Greenfield 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
Greenfield, 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 Greenfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenfield 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 Greenfield, Indiana
Property taxes in Greenfield, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenfield is 0.75%, lower than the U.S. national median of 0.99%. Local government entities within Greenfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenfield 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 Greenfield's effective property tax rate to other areas in Hancock County and the national median. For comparison, the 46140 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Greenfield provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenfield Tax Rate
0.75%
Average Hancock County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46140 | 0.42% | 0.57% | 0.75% | 0.96% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Greenfield, Indiana
In Greenfield, 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 Hancock 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 Greenfield, 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 example, the median home price in Greenfield is $224,300, with tax bills ranging from $1,132 at the 25th percentile to $3,512 at the 90th percentile. Notably, the zip code 46140 has both the highest and lowest median tax bill at $1,751. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greenfield Assessed Value
$224,300
Average Hancock County Assessed Value
$247,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46140 | $128,340 | $173,700 | $224,300 | $284,000 | $372,800 |
Source: Ownwell
Property Tax Bills Across Greenfield, Indiana
In Greenfield, located in Hancock County, IN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local assessor's office and reflects the estimated market value of the property. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors can influence the assessed value, including the size, age, and condition of the property, as well as recent sales of comparable properties in the area. For example, the median home price in Greenfield is $224,300. Homeowners can expect to pay property taxes within a range, with the 25th percentile tax bill at $1,132 and the 75th percentile at $2,520. The highest median tax bill in the area is $1,751. This tax obligation can significantly impact homeowners, affecting their monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Greenfield's property taxes can be seen as relatively moderate, providing a balanced environment for property owners.
Average Greenfield Tax Bill
$1,751
Average Hancock County Tax Bill
$2,024
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46140 | $652 | $1,132 | $1,751 | $2,520 | $3,512 |
Source: Ownwell