Mulberry, Indiana Property Taxes
The median property tax rate in Mulberry, IN is 0.80%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Mulberry at $150,100, the typical annual property tax bill comes to $1,337, significantly below the national median of $2,690. Property taxes in Mulberry 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 Mulberry'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 Mulberry or another part of Clinton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mulberry, 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 Mulberry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mulberry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mulberry 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 Mulberry, Indiana
Property taxes in Mulberry, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mulberry is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Mulberry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mulberry 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 Mulberry's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46058 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Mulberry provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mulberry Tax Rate
0.80%
Average Clinton County Tax Rate
0.93%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mulberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46058 | 0.50% | 0.67% | 0.80% | 1.10% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Mulberry, Indiana
In Mulberry, 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 Clinton 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 Mulberry, 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 Mulberry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46058 has the highest median tax bill at $1,337, while the lowest median tax bill is also $1,337.
Average Mulberry Assessed Value
$150,100
Average Clinton County Assessed Value
$124,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mulberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46058 | $69,440 | $105,600 | $150,100 | $217,250 | $316,500 |
Source: Ownwell
Property Tax Bills Across Mulberry, Indiana
In Mulberry, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. Factors such as the size of the property, its location, and the condition of the home all play a role in determining its assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Mulberry, the median home price is $150,100. Property tax bills in this area can vary significantly, with the 25th percentile tax bill being $757 and the 75th percentile tax bill reaching $2,036. At the 90th percentile, homeowners might expect to pay as much as $3,083. These variations impact homeowners differently, influencing their annual budgeting and financial planning. Comparatively, the national median property tax rate stands at 0.99%, which provides a benchmark for understanding how local rates stack up against the broader national landscape.
Average Mulberry Tax Bill
$1,337
Average Clinton County Tax Bill
$1,235
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mulberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46058 | $432 | $757 | $1,337 | $2,036 | $3,083 |
Source: Ownwell