Quincy, Indiana Property Taxes
The median property tax rate in Quincy, IN is 0.57%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Quincy at $186,400, the typical annual property tax bill is $1,071, which is below the national median of $2,690. Property taxes in Quincy 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 Quincy'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 Quincy 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
Quincy, 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 Quincy Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a quick way to estimate their annual property taxes in Quincy with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Quincy to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more specific trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Quincy, Indiana
Property taxes in Quincy, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Quincy is 0.57%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Quincy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Quincy 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 Quincy's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47456 has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Quincy provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Quincy Tax Rate
0.57%
Average Morgan County Tax Rate
0.54%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Quincy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47456 | 0.35% | 0.44% | 0.57% | 0.69% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Quincy, Indiana
In Quincy, 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 Morgan County 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 Quincy, 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 Quincy is $186,400, with tax bills ranging from $572 at the 25th percentile to $2,271 at the 90th percentile. The highest and lowest median tax bills both stand at $1,071 in zip code 47456. 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 Quincy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Quincy Assessed Value
$186,400
Average Morgan County Assessed Value
$228,450
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Quincy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47456 | $95,220 | $124,700 | $186,400 | $274,500 | $360,060 |
Source: Ownwell
Property Tax Bills Across Quincy, Indiana
In Quincy, IN, located in Morgan County, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office, which evaluates the market value of the property. Homeowners in Quincy can expect property tax bills that vary significantly depending on the value of their homes. For instance, the tax bill at the 25th percentile is $572, while at the 75th percentile, it rises to $1,788. The highest tax bills, found at the 90th percentile, can reach up to $2,271. These tax bills are influenced by various factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the property tax rates in Quincy can result in varying financial impacts on homeowners. Higher-valued properties naturally incur higher tax bills, which can affect budgeting and financial planning for residents. Understanding these factors can help homeowners anticipate their property tax obligations more accurately.
Average Quincy Tax Bill
$1,071
Average Morgan County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Quincy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47456 | $321 | $572 | $1,071 | $1,788 | $2,271 |
Source: Ownwell