Graysville, Indiana Property Taxes
The median property tax rate in Graysville, IN is 1.98%, significantly higher than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $30,650 in Graysville, the typical annual property tax bill amounts to $482, which is considerably lower than the national median of $2,690. Property taxes in Graysville are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Graysville'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 Graysville or another part of Sullivan County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Graysville, 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 Graysville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Graysville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Graysville 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 Graysville, Indiana
Property taxes in Graysville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Graysville is 1.98%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Graysville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Graysville 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 Graysville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47852 zip code has both the highest and lowest median property tax rate of 1.98%. Understanding how these cities compare with Graysville provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Graysville Tax Rate
1.98%
Average Sullivan County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Graysville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47852 | 1.12% | 1.63% | 1.98% | 2.06% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Graysville, Indiana
In Graysville, 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 Sullivan 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. 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. The median home price in Graysville is $30,650, with tax bills ranging from $273 at the 25th percentile to $796 at the 90th percentile. The zip code with the highest and lowest median tax bill is 47852, at $482. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Graysville Assessed Value
$30,650
Average Sullivan County Assessed Value
$68,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Graysville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47852 | $8,260 | $13,300 | $30,650 | $54,125 | $70,190 |
Source: Ownwell
Property Tax Bills Across Graysville, Indiana
In Graysville, Sullivan County, IN, property tax bills are determined based on the assessed value of a property. The assessed value is calculated by local government authorities who evaluate the market value of the property and apply an assessment ratio. Factors such as property size, location, and condition play a significant role in determining the assessed value. Homeowners in Graysville experience a range of property tax bills. For example, the 25th percentile tax bill is approximately $273, while the 75th percentile tax bill reaches around $692. At the higher end, the 90th percentile tax bill is about $796. The median home price in Graysville stands at $30,650, which is significantly lower than the national median. Compared to the national median property tax rate of 0.99%, Graysville's property taxes are relatively affordable. However, the impact on homeowners can vary widely depending on the assessed value of their property and the specific tax rate applied. This variability underscores the importance of accurate property assessments and understanding local tax regulations.
Average Graysville Tax Bill
$482
Average Sullivan County Tax Bill
$721
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Graysville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47852 | $171 | $273 | $482 | $692 | $796 |
Source: Ownwell