Shelby, Indiana Property Taxes
The median property tax rate in Shelby, 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 Shelby, the typical annual property tax bill reaches $823, significantly below the national median of $2,690. Property taxes in Shelby 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 Shelby'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 Shelby 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
Shelby, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$746
Ownwell’s Shelby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shelby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelby 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 Shelby, Indiana
Property taxes in Shelby, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelby is 0.75%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Shelby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelby 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 Shelby's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46377 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Shelby provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelby Tax Rate
0.75%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelby, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46377 | 0.41% | 0.53% | 0.75% | 1.60% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Shelby, Indiana
In Shelby, 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 assessment authority 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 Shelby, 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 Shelby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Shelby is $99,400, with tax bills ranging from $422 at the 25th percentile to $2,048 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 46377, with a median tax bill of $823.
Average Shelby Assessed Value
$99,400
Average Lake County Assessed Value
$187,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelby, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46377 | $30,250 | $66,750 | $99,400 | $148,650 | $186,100 |
Source: Ownwell
Property Tax Bills Across Shelby, Indiana
In Shelby, located in Lake County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The median home price in Shelby is $99,400, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills. For instance, the 25th percentile tax bill in Shelby is $422, while the 75th percentile tax bill is $1,348, and the 90th percentile reaches $2,048. These figures illustrate the range of property tax bills homeowners can expect, depending on their property's assessed value and other influencing factors. Compared to the national median property tax rate of 0.99%, Shelby's rates highlight the local variations that can impact homeowners' financial planning. Understanding these elements is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Shelby Tax Bill
$823
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelby, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46377 | $227 | $422 | $823 | $1,348 | $2,048 |
Source: Ownwell