Middlebury, Indiana Property Taxes
The median property tax rate in Middlebury, IN is 0.69%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Middlebury, the typical annual property tax bill reaches $1,612, falling below the national median of $2,690. Property taxes in Middlebury 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 Middlebury'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 Middlebury 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
Middlebury, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,772
Ownwell’s Middlebury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Middlebury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Middlebury 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 Middlebury, Indiana
Property taxes in Middlebury, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middlebury is 0.69%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Middlebury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middlebury 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 Middlebury's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46540 has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Middlebury provides valuable insights into the varying tax landscape across LaGrange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Middlebury Tax Rate
0.69%
Average Lagrange County Tax Rate
0.63%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middlebury, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46540 | 0.42% | 0.50% | 0.69% | 1.06% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Middlebury, Indiana
In Middlebury, 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 local 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 Middlebury, 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 Middlebury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1612.00, found in the zip code 46540.
Average Middlebury Assessed Value
$256,800
Average Lagrange County Assessed Value
$195,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Middlebury, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46540 | $26,840 | $144,500 | $256,800 | $399,200 | $552,400 |
Source: Ownwell
Property Tax Bills Across Middlebury, Indiana
In Middlebury, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. Homeowners in Middlebury experience a range of property tax bills, with the 25th percentile at $744 and the 75th percentile at $2,652. The 90th percentile sees tax bills as high as $4,081. The median home price in Middlebury is $256,800, and the highest median tax bill in the area is $1,612, found in the 46540 zip code. Compared to the national median property tax rate of 0.99%, Middlebury's property tax rates can vary significantly, impacting homeowners differently based on their property's assessed value. This variability underscores the importance of understanding local tax assessments and their implications on annual tax obligations.
Average Middlebury Tax Bill
$1,612
Average Lagrange County Tax Bill
$1,119
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Middlebury, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46540 | $208 | $744 | $1,612 | $2,652 | $4,081 |
Source: Ownwell