Harmony, Indiana Property Taxes
The median property tax rate in Harmony, IN is 0.40%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Harmony at $75,550, the typical annual property tax bill is $304, which is well below the national median of $2,690. Property taxes in Harmony are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Harmony'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 Harmony 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
Harmony, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$302
Ownwell’s Harmony Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harmony with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harmony 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 Harmony, Indiana
Property taxes in Harmony, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harmony is 0.85%, higher than both the Indiana state median of 0.76% and the U.S. national median of 0.99%. Local government entities within Harmony set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harmony 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 Harmony's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46016 zip code has the highest median property tax rate of 1.12%, while the 46001 zip code has the lowest median tax rate of 0.65%. Understanding how these cities compare with Harmony provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harmony Tax Rate
0.40%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harmony, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47853 | 0.23% | 0.29% | 0.40% | 1.09% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Harmony, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Harmony, 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 Clay County Assessor's Office 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 Harmony, 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. For example, the zip code 47853 has the highest median tax bill at $304. 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 Harmony helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Harmony Assessed Value
$75,550
Average Clay County Assessed Value
$81,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harmony, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47853 | $35,270 | $57,675 | $75,550 | $91,175 | $110,650 |
Source: Ownwell
Property Tax Bills Across Harmony, Indiana
In Harmony, Clay County, IN, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $75,550, homeowners can expect varying tax bills depending on their specific property characteristics and exemptions. The tax bill can range significantly, with the 25th percentile at $193 and the 75th percentile at $502. At the higher end, the 90th percentile tax bill reaches $758. These figures reflect the different factors that influence property taxes, such as property size, location, and any applicable exemptions or deductions. For homeowners, understanding these factors is crucial as property taxes represent a significant annual expense. Comparatively, Harmony's median tax bill aligns with the national median property tax rate of 0.99%, ensuring that homeowners are neither disproportionately burdened nor advantaged in their tax obligations.
Average Harmony Tax Bill
$304
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Harmony, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47853 | $134 | $193 | $304 | $502 | $758 |
Source: Ownwell