Greentown, Indiana Property Taxes
The median property tax rate in Greentown, IN is 1.10%, which is higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Greentown at $92,200, the typical annual property tax bill reaches $745, significantly lower than the national median of $2,690. Property taxes in Greentown are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Greentown'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 Greentown or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Greentown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,014
Ownwell’s Greentown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greentown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greentown 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 Greentown, Indiana
Property taxes in Greentown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greentown is 0.97%, slightly lower than the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Greentown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greentown 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 Greentown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46936 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Greentown provides valuable insights into the varying tax landscape across Tipton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greentown Tax Rate
1.10%
Average Tipton County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greentown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46936 | 0.69% | 0.84% | 1.10% | 1.36% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Greentown, Indiana
In Greentown, 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 Tipton 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 Greentown, 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. The median home price in Greentown stands at $92,200, with tax bills ranging from $694 at the 25th percentile to $827 at the 90th percentile. The highest and lowest median tax bills are both $745 in the 46936 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greentown Assessed Value
$92,200
Average Tipton County Assessed Value
$150,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greentown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46936 | $50,120 | $65,900 | $92,200 | $118,500 | $134,280 |
Source: Ownwell
Property Tax Bills Across Greentown, Indiana
Property tax bills in Greentown, Tipton County, Indiana, are calculated based on the assessed value of the property 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, it is multiplied by the local tax rate to calculate the property tax bill. In Greentown, the median home price is $92,200. Homeowners in the 25th percentile pay around $694 annually, while those in the 75th percentile pay about $796. The 90th percentile sees tax bills reaching up to $827. These figures illustrate how property taxes can vary significantly based on property values and local tax rates. Compared to the national median property tax rate of 0.99%, Greentown's property tax rates offer a relatively affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Greentown Tax Bill
$745
Average Tipton County Tax Bill
$1,227
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Greentown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46936 | $663 | $694 | $745 | $796 | $827 |
Source: Ownwell