Ramsey, Indiana Property Taxes
The median property tax rate in Ramsey, IN is 0.60%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Ramsey at $172,800, the typical annual property tax bill amounts to $1,061, which is significantly below the national median of $2,690. Property taxes in Ramsey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ramsey'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 Ramsey 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
Ramsey, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,037
Ownwell’s Ramsey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ramsey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ramsey 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 Ramsey, Indiana
Property taxes in Ramsey, Indiana, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Ramsey is 0.60%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Ramsey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ramsey 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 Ramsey's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47166 has both the highest and lowest median property tax rate of 0.60%, highlighting the uniformity in tax rates within this area. Understanding how these cities compare with Ramsey 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 Ramsey Tax Rate
0.60%
Average Harrison County Tax Rate
0.61%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ramsey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47166 | 0.38% | 0.50% | 0.60% | 0.85% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Ramsey, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ramsey, Indiana. The market value represents 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 Ramsey, 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 Ramsey is $172,800, with tax bills ranging from $569 at the 25th percentile to $2,453 at the 90th percentile. The highest and lowest median tax bill is $1,061 in the 47166 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ramsey Assessed Value
$172,800
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 Ramsey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47166 | $60,040 | $113,400 | $172,800 | $239,800 | $337,740 |
Source: Ownwell
Property Tax Bills Across Ramsey, Indiana
In Ramsey, located in Harrison County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $172,800, homeowners can expect a range of tax bills. The 25th percentile tax bill is around $569, while the 75th percentile reaches up to $1,612, and the 90th percentile can be as high as $2,453. Several factors influence the final tax bill, including property improvements, market conditions, and local government budgets. Homeowners in Ramsey should be aware that these tax obligations can significantly impact their financial planning. Compared to the national median property tax rate of 0.99%, Ramsey's tax rates might seem reasonable, but they can still vary widely based on individual property assessments. Understanding these factors helps homeowners anticipate and manage their annual tax responsibilities effectively.
Average Ramsey Tax Bill
$1,061
Average Harrison County Tax Bill
$1,112
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Ramsey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47166 | $298 | $569 | $1,061 | $1,612 | $2,453 |
Source: Ownwell