Morocco, Indiana Property Taxes
The median property tax rate in Morocco, Indiana is 1.02%, slightly above both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Morocco at $117,150, the typical annual property tax bill reaches $1,324, which is below the national median of $2,690. Property taxes in Morocco 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 Morocco'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 Morocco 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
Morocco, 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 Morocco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morocco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morocco 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 Morocco, Indiana
Property taxes in Morocco, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morocco is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Morocco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morocco 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 Morocco's effective property tax rate to other areas and the national median. For comparison, the 47963 zip code, which encompasses Morocco, has the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Morocco provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morocco Tax Rate
1.02%
Average Newton County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morocco, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47963 | 0.60% | 0.80% | 1.02% | 1.72% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Morocco, Indiana
In Morocco, 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 Newton 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 Morocco, 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 Morocco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the region is $1324, found in zip code 47963.
Average Morocco Assessed Value
$117,150
Average Newton County Assessed Value
$139,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morocco, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47963 | $52,400 | $80,925 | $117,150 | $179,925 | $264,900 |
Source: Ownwell
Property Tax Bills Across Morocco, Indiana
In Morocco, Newton County, IN, property tax bills are calculated based on the assessed value of your home. The local government assesses the value of your property, which is then used to determine your tax bill. Several factors influence this valuation, including the property's size, location, and condition. The median home price in Morocco is $117,150, and the property tax rate is applied to this assessed value to calculate the tax bill. Homeowners in Morocco experience a range of property tax bills. The 25th percentile tax bill is $713, while the 75th percentile tax bill reaches $2,135. For those at the 90th percentile, the tax bill can be as high as $3,216. These figures highlight the variability in property tax obligations depending on property value and other assessed factors. Compared to the national median property tax rate of 0.99%, Morocco's tax rates reflect local economic conditions and funding needs. Understanding these factors can help homeowners anticipate their property tax responsibilities more accurately.
Average Morocco Tax Bill
$1,324
Average Newton County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Morocco, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47963 | $413 | $713 | $1,324 | $2,135 | $3,216 |
Source: Ownwell