Mays, Indiana Property Taxes
The median property tax rate in Mays, IN is 0.44%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $93,700 in Mays, the typical annual property tax bill amounts to $468, well below the national median of $2,690. Property taxes in Mays are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Mays'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 Mays 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
Mays, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$412
Ownwell’s Mays Property Tax Bill Calculator offers a straightforward way for homeowners, real estate investors, or future property owners to estimate their annual property taxes in Mays using just two key pieces of information. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Mays to provide an estimate of your property tax bill. This valuable tool enables you to understand your potential tax liabilities better. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Mays, Indiana
Property taxes in Mays, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mays is 0.44%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Mays set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mays 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 Mays's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46155 zip code has both the highest and lowest median property tax rate of 0.44%. Understanding how these cities compare with Mays provides valuable insights into the varying tax landscape across Rush County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mays Tax Rate
0.44%
Average Rush County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mays, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46155 | 0.29% | 0.34% | 0.44% | 1.01% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Mays, Indiana
In Mays, 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 Rush 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 Mays, 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 Mays 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 Mays are both $468, found in the zip code 46155.
Average Mays Assessed Value
$93,700
Average Rush County Assessed Value
$138,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mays, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46155 | $46,180 | $64,500 | $93,700 | $117,500 | $143,720 |
Source: Ownwell
Property Tax Bills Across Mays, Indiana
In Mays, located in Rush County, IN, property tax bills are calculated by assessing the property's market value and applying the local tax rate to this assessed value. The median home price in Mays is $93,700, which serves as a baseline for determining property taxes. Factors such as property size, location, and any improvements made to the property are considered in the assessment process. Homeowners in Mays can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is $293, while at the 75th percentile, it rises to $637. For those at the 90th percentile, the tax bill can reach $926. Comparatively, the highest and lowest median tax bills in the area are both $468, indicating some consistency within specific localities. These property taxes fund essential services such as schools, infrastructure, and emergency services. Homeowners must budget for these taxes as they can significantly impact annual expenses. The local tax rate in Mays, while varying, is crucial in determining the final tax bill and can be compared to the national median property tax rate of 0.99%.
Average Mays Tax Bill
$468
Average Rush County Tax Bill
$1,215
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mays, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46155 | $227 | $293 | $468 | $637 | $926 |
Source: Ownwell