New Salisbury, Indiana Property Taxes
The median property tax rate in New Salisbury, IN is 0.62%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Salisbury at $195,700, the typical annual property tax bill is $1,233, which is below the national median of $2,690. Property taxes in New Salisbury 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 New Salisbury'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 New Salisbury or another part of Harrison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Salisbury, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,213
Ownwell’s New Salisbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Salisbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Salisbury 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 Salisbury, Indiana
Property taxes in New Salisbury, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Salisbury is 0.62%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within New Salisbury set these rates annually, and they can vary across different neighborhoods. Each year, New Salisbury 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 Salisbury's effective property tax rate to other areas in Harrison County and the national median. For comparison, New Salisbury itself has both the highest and lowest median property tax rate in Harrison County, with a rate of 0.62%. Understanding how these figures compare with New Salisbury provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Salisbury Tax Rate
0.62%
Average Harrison County Tax Rate
0.61%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Salisbury, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47161 | 0.36% | 0.51% | 0.62% | 0.74% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across New Salisbury, Indiana
In New Salisbury, 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 Harrison 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 Salisbury, 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. The highest and lowest median tax bills in the area both stand at $1,233 in the 47161 zip code. Being aware of these valuation processes in New Salisbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Salisbury Assessed Value
$195,700
Average Harrison County Assessed Value
$175,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Salisbury, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47161 | $66,840 | $129,700 | $195,700 | $272,300 | $351,320 |
Source: Ownwell
Property Tax Bills Across New Salisbury, Indiana
In New Salisbury, Harrison 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, the median home price in New Salisbury is $195,700. The local tax rate is applied to this assessed value to determine the tax bill. The national median property tax rate is 0.99%, but local rates can vary. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners in New Salisbury can expect a range of tax bills. For example, those in the 25th percentile pay around $659, while those in the 75th percentile pay approximately $1,920. The 90th percentile sees tax bills up to $2,639. The highest median tax bill recorded in the area is $1,233. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average New Salisbury Tax Bill
$1,233
Average Harrison County Tax Bill
$1,112
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Salisbury, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47161 | $319 | $659 | $1,233 | $1,920 | $2,639 |
Source: Ownwell