Milroy, Indiana Property Taxes
The median property tax rate in Milroy, Indiana is 0.73%, 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 Milroy, the typical annual property tax bill reaches $984, significantly below the national median of $2,690. Property taxes in Milroy are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milroy'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 Milroy or another part of Rush County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milroy, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$953
Ownwell’s Milroy Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Milroy. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Milroy to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, aiding in better financial planning. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value, determined by the county, plays a crucial role in these calculations, factoring in any applicable exemptions to give you a precise estimate.
Property Tax Rates Across Milroy, Indiana
Property taxes in Milroy, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milroy is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Milroy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milroy 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 Milroy's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46156 zip code has both the highest and the lowest median property tax rate of 0.73%. Understanding how these cities compare with Milroy 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 Milroy Tax Rate
0.73%
Average Rush County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milroy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46156 | 0.34% | 0.48% | 0.73% | 1.31% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Milroy, Indiana
In Milroy, 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 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 Milroy, 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 Milroy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $984, found in the 46156 zip code.
Average Milroy Assessed Value
$130,600
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 Milroy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46156 | $40,000 | $79,800 | $130,600 | $244,875 | $384,500 |
Source: Ownwell
Property Tax Bills Across Milroy, Indiana
In Milroy, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to generate the annual tax bill. For homeowners in Rush County, where Milroy is located, the median home price is $130,600. The property tax rate in Milroy is relatively modest compared to the national median property tax rate of 0.99%. Factors influencing the tax bill include property improvements, market conditions, and neighborhood changes. For example, the tax bill for the 25th percentile is $356, while the 75th percentile reaches $2,207, and the 90th percentile goes up to $3,779. This variability shows how different factors can significantly impact the amount homeowners owe. Homeowners should be aware that these taxes fund essential services such as schools, public safety, and infrastructure. Understanding how property taxes are calculated can help homeowners budget more effectively and potentially appeal their assessments if they believe their property is overvalued.
Average Milroy Tax Bill
$984
Average Rush County Tax Bill
$1,215
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Milroy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46156 | $186 | $356 | $984 | $2,207 | $3,779 |
Source: Ownwell