Troy, Indiana Property Taxes
The median property tax rate in Troy, IN is 0.91%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $62,800 in Troy, the typical annual property tax bill amounts to $507, which is significantly less than the national median of $2,690. Property taxes in Troy are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Troy'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 Troy or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Troy, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$571
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Indiana
Property taxes in Troy, Indiana, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 0.91%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other regions in Indiana and the national median. For comparison, the 47588 zip code in Perry County has a median property tax rate of 0.91%, which is the same as Troy's median tax rate. Understanding how these cities compare with Troy provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Troy Tax Rate
0.91%
Average Perry County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47588 | 0.36% | 0.48% | 0.91% | 1.77% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Indiana
In Troy, 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 Perry 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47588 in Troy has the highest and lowest median tax bill at $507.
Average Troy Assessed Value
$62,800
Average Perry County Assessed Value
$97,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Troy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47588 | $16,500 | $31,100 | $62,800 | $104,600 | $159,100 |
Source: Ownwell
Property Tax Bills Across Troy, Indiana
In Troy, Perry County, IN, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $62,800. Local tax authorities determine your property's assessed value, which is then multiplied by the local tax rate to calculate your annual tax bill. Various factors influence this assessed value, including the property's market value, location, and any improvements made to the property. Homeowners in Troy can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $258, while the 75th percentile tax bill reaches up to $1,050. At the higher end, the 90th percentile tax bill can be as much as $1,795. The median property tax bill in the region's zip code 47588 is $507, which is lower than the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual financial obligations and plan accordingly.
Average Troy Tax Bill
$507
Average Perry County Tax Bill
$927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47588 | $130 | $258 | $507 | $1,050 | $1,795 |
Source: Ownwell