Shelburn, Indiana Property Taxes
The median property tax rate in Shelburn, IN is 1.01%, slightly above the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $63,400, the typical annual property tax bill in Shelburn is approximately $605, which is significantly lower than the national median of $2,690. Property taxes in Shelburn are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Shelburn'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 Shelburn or another part of Sullivan County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shelburn, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$640
Ownwell’s Shelburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shelburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelburn 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 Shelburn, Indiana
Property taxes in Shelburn, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelburn is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Shelburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelburn 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 Shelburn's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47879 has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Shelburn 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 Shelburn Tax Rate
1.01%
Average Sullivan County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelburn, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47879 | 0.50% | 0.73% | 1.01% | 2.00% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Shelburn, Indiana
In Shelburn, 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 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 Shelburn, 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 Shelburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47879 in Shelburn has a median tax bill of $605, reflecting the local property tax landscape.
Average Shelburn Assessed Value
$63,400
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 Shelburn, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47879 | $11,900 | $30,500 | $63,400 | $101,600 | $143,980 |
Source: Ownwell
Property Tax Bills Across Shelburn, Indiana
Property tax bills in Shelburn, located in Sullivan County, Indiana, are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the property's market value and apply state-specific assessment rates. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Shelburn, the median home price is $63,400, and the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $305, while the 75th percentile tax bill reaches $1,166. At the 90th percentile, homeowners might see tax bills as high as $1,828. The highest median tax bill in the area is $605, which is consistent across the 47879 zip code. These property tax bills directly impact homeowners by influencing their overall cost of living and housing affordability. With the national median property tax rate at 0.99%, understanding these local variations helps homeowners plan their finances more effectively.
Average Shelburn Tax Bill
$605
Average Sullivan County Tax Bill
$721
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelburn, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47879 | $163 | $305 | $605 | $1,166 | $1,828 |
Source: Ownwell