Quincy, Indiana Property Taxes
The median property tax rate in Quincy, Indiana is 0.78%, 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 Quincy, the typical annual property tax bill reaches $1,074, falling below the national median of $2,690. Property taxes in Quincy are calculated based on the tax assessed value, which generally 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
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,082
Ownwell’s Quincy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Quincy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Quincy 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 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 stands at 0.78%, which is below 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 both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Quincy provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Quincy Tax Rate
0.78%
Average Owen County Tax Rate
0.80%
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 | 0.38% | 0.59% | 0.78% | 1.11% | 1.58% |
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 Owen County Assessor's Office 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 example, the median home price in Quincy is $138,700, with property tax bills ranging from $509 at the 25th percentile to $2,753 at the 90th percentile. 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. Notably, the highest and lowest median tax bills in the area are both $1,074 in the 47456 zip code.
Average Quincy Assessed Value
$138,700
Average Owen County Assessed Value
$135,000
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 | $36,120 | $79,600 | $138,700 | $221,400 | $312,120 |
Source: Ownwell
Property Tax Bills Across Quincy, Indiana
In Quincy, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For homeowners in Quincy, the median home price is $138,700. Property tax bills can vary significantly, with the 25th percentile at $509 and the 75th percentile reaching $1,943. The 90th percentile sees tax bills as high as $2,753. Several factors influence these tax bills, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Quincy may find their tax bills higher or lower than the national median property tax rate of 0.99%, depending on these variables. High property taxes can impact homeowners by increasing their monthly expenses, while lower taxes may offer some financial relief. Understanding how these factors come into play can help homeowners better anticipate and manage their property tax obligations.
Average Quincy Tax Bill
$1,074
Average Owen County Tax Bill
$1,105
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 | $204 | $509 | $1,074 | $1,943 | $2,753 |
Source: Ownwell