Marshall, Indiana Property Taxes
The median property tax rate in Marshall, IN is 0.49%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Marshall at $121,300, the typical annual property tax bill amounts to $625, well below the national median of $2,690. Property taxes in Marshall are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Marshall's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Marshall 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
Marshall, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$594
Ownwell’s Marshall Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marshall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marshall 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 Marshall, Indiana
Property taxes in Marshall, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marshall is 0.49%, significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Marshall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshall 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 Marshall's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47859 zip code has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Marshall provides valuable insights into the varying tax landscape across Parke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marshall Tax Rate
0.49%
Average Parke County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshall, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47859 | 0.21% | 0.30% | 0.49% | 0.92% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Marshall, Indiana
In Marshall, 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 Parke 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 Marshall, 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 Marshall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47859 has the highest and lowest median tax bill at $625.
Average Marshall Assessed Value
$121,300
Average Parke County Assessed Value
$117,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marshall, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47859 | $35,460 | $75,075 | $121,300 | $207,650 | $367,450 |
Source: Ownwell
Property Tax Bills Across Marshall, Indiana
In Marshall, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Marshall, the median home price is $121,300. Property tax bills can vary significantly, with the 25th percentile tax bill at $281 and the 75th percentile tax bill at $1,231. The highest median tax bill in the area is $625, with the same value being the lowest, both in the zip code 47859. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value and, subsequently, the tax bill. Homeowners in Marshall may find their property taxes relatively manageable compared to the national median property tax rate of 0.99%, but the impact on individual finances can still be significant, particularly for those at the higher end of the tax bill spectrum. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average Marshall Tax Bill
$625
Average Parke County Tax Bill
$683
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshall, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47859 | $150 | $281 | $625 | $1,231 | $2,589 |
Source: Ownwell