Memphis, Indiana Property Taxes
The median property tax rate in Memphis, IN is 0.56%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $245,100 in Memphis, the typical annual property tax bill is $1,371, much less than the national median of $2,690. Property taxes in Memphis are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Memphis'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 Memphis 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
Memphis, 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 Memphis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis 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 Memphis, Indiana
Property taxes in Memphis, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Memphis is 0.56%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Memphis 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 Memphis's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47143 zip code has the median property tax rate of 0.56%. Understanding how these cities compare with Memphis provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Memphis Tax Rate
0.56%
Average Clark County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Memphis, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47143 | 0.41% | 0.49% | 0.56% | 0.66% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Memphis, Indiana
In Memphis, 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 Clark 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. In Memphis, 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 Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Memphis is $1,371 in zip code 47143, which is notably lower than the national median property tax rate of 0.99%.
Average Memphis Assessed Value
$245,100
Average Clark County Assessed Value
$205,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Memphis, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47143 | $100,910 | $188,425 | $245,100 | $316,575 | $389,680 |
Source: Ownwell
Property Tax Bills Across Memphis, Indiana
In Memphis, Clark County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, size, location, and any improvements or renovations made to the property. Homeowners in Memphis typically see property tax bills ranging from $1,004 at the 25th percentile to $2,711 at the 90th percentile, with a median home price of $245,100. The highest and lowest median tax bills in the area are both $1,371, indicating a relatively consistent tax rate across different neighborhoods. Compared to the national median property tax rate of 0.99%, Memphis residents may find their property tax rates to be competitive, which can impact the overall affordability and attractiveness of homeownership in the area. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average Memphis Tax Bill
$1,371
Average Clark County Tax Bill
$1,927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Memphis, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47143 | $519 | $1,004 | $1,371 | $1,918 | $2,711 |
Source: Ownwell