Redkey, Indiana Property Taxes
The median property tax rate in Redkey, IN is 0.97%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Redkey at $110,700, the typical annual property tax bill is $1,048, which is significantly below the national median of $2,690. Property taxes in Redkey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Redkey'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 Redkey 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
Redkey, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,074
Ownwell’s Redkey Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Redkey with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Redkey to provide an accurate property tax bill estimate. 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 Redkey, Indiana
Property taxes in Redkey, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Redkey is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Redkey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redkey 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 Redkey's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47373 has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Redkey provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Redkey Tax Rate
0.97%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Redkey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47373 | 0.50% | 0.70% | 0.97% | 1.26% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Redkey, Indiana
In Redkey, 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 Randolph 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 Redkey, 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 Redkey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,048, found in zip code 47373.
Average Redkey Assessed Value
$110,700
Average Randolph County Assessed Value
$87,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Redkey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47373 | $16,980 | $64,900 | $110,700 | $153,500 | $200,640 |
Source: Ownwell
Property Tax Bills Across Redkey, Indiana
In Redkey, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Redkey is $110,700. Homeowners in the 25th percentile can expect a tax bill around $506, while those in the 75th percentile might see a bill closer to $1,646. The highest tax bills, in the 90th percentile, can reach up to $2,618. Various factors influence the assessed value, including the property's size, location, and condition. These property taxes fund essential local services like schools, public safety, and infrastructure, directly impacting the community. Compared to the national median property tax rate of 0.99%, homeowners in Redkey may find their tax obligations to be relatively moderate, making it a potentially attractive area for those looking to manage their property tax expenses effectively.
Average Redkey Tax Bill
$1,048
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Redkey, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47373 | $256 | $506 | $1,048 | $1,646 | $2,618 |
Source: Ownwell