Cambridge City, Indiana Property Taxes
The median property tax rate in Cambridge City, IN is 1.12%, which is higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Cambridge City at $96,700, the typical annual property tax bill reaches $1,145, surpassing the national median of $2,690. Property taxes in Cambridge City are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cambridge City'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 Cambridge City or another part of Wayne County, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Cambridge City, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,083
Ownwell’s Cambridge City Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cambridge City with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Cambridge City to provide an estimated tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property's assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Cambridge City, Indiana
Property taxes in Cambridge City, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge City is 1.12%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Cambridge City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge City 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 Cambridge City's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47327 zip code has the highest median property tax rate of 1.12%, while the same zip code also reflects the lowest median tax rate of 1.12%. Understanding how these cities compare with Cambridge City provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge City Tax Rate
1.12%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47327 | 0.62% | 0.92% | 1.12% | 2.10% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge City, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cambridge City, Indiana. 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 Wayne 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 Cambridge City, 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 Cambridge City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cambridge City is $96,700, with the highest and lowest median tax bills both at $1,145 in the 47327 zip code.
Average Cambridge City Assessed Value
$96,700
Average Wayne County Assessed Value
$92,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47327 | $34,350 | $59,700 | $96,700 | $143,075 | $200,000 |
Source: Ownwell
Property Tax Bills Across Cambridge City, Indiana
In Cambridge City, located in Wayne County, IN, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is intended to reflect the property's market value. Homeowners in Cambridge City typically face a median property tax bill of $1,145, which aligns with the highest and lowest median tax bills in the 47327 zip code. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and applicable exemptions. For instance, a home valued at the 25th percentile may see a tax bill around $654, while those at the 75th and 90th percentiles face bills of approximately $1,837 and $2,988, respectively. Compared to the national median property tax rate of 0.99%, homeowners in Cambridge City might find their tax obligations relatively manageable. Understanding these factors can help homeowners anticipate their tax responsibilities and plan accordingly.
Average Cambridge City Tax Bill
$1,145
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47327 | $340 | $654 | $1,145 | $1,837 | $2,988 |
Source: Ownwell