Gentryville, Indiana Property Taxes
The median property tax rate in Gentryville, IN is 0.65%, which is notably lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Gentryville at $77,250, the typical annual property tax bill amounts to $540, significantly below the national median of $2,690. Property taxes in Gentryville 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 properties. Understanding Gentryville'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 Gentryville or another part of Spencer County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gentryville, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Gentryville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gentryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gentryville 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 Gentryville, Indiana
Property taxes in Gentryville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gentryville is 0.65%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Gentryville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gentryville 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 Gentryville's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47537 has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these areas compare with Gentryville provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gentryville Tax Rate
0.65%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gentryville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47537 | 0.35% | 0.48% | 0.65% | 1.20% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Gentryville, Indiana
In Gentryville, 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 Spencer County Assessor's Office 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 Gentryville, 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 Gentryville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price here is $77,250, with tax bills ranging from $262 at the 25th percentile to $1,312 at the 90th percentile. The zip code 47537 holds both the highest and lowest median tax bills, recorded at $540.
Average Gentryville Assessed Value
$77,250
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gentryville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47537 | $13,750 | $37,725 | $77,250 | $132,175 | $183,650 |
Source: Ownwell
Property Tax Bills Across Gentryville, Indiana
In Gentryville, located in Spencer County, IN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For instance, with a median home price of $77,250, homeowners can expect varying tax bills. The 25th percentile tax bill in Gentryville is $262, while the 75th percentile tax bill reaches $896. At the 90th percentile, the tax bill can be as high as $1,312. These figures indicate that property tax bills can significantly impact homeowners, with higher-valued properties bearing a larger tax burden. Comparatively, Gentryville's median tax bill of $540 aligns with the national median property tax rate of 0.99%, making it a relatively moderate tax region. Homeowners must be mindful of these factors as they influence the overall affordability and financial planning for property ownership.
Average Gentryville Tax Bill
$540
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Gentryville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47537 | $126 | $262 | $540 | $896 | $1,312 |
Source: Ownwell