Newberry, Indiana Property Taxes
The median property tax rate in Newberry, Indiana is 1.09%, 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 Newberry at $124,850, the typical annual property tax bill amounts to $1,270, still below the national median of $2,690. Property taxes in Newberry are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Newberry'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 Newberry 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
Newberry, 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 Newberry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newberry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newberry 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 Newberry, Indiana
Property taxes in Newberry, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Newberry is 0.87%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Newberry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newberry 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 Newberry's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47449 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Newberry provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newberry Tax Rate
1.09%
Average Daviess County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47449 | 0.81% | 0.92% | 1.09% | 1.27% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Newberry, Indiana
In Newberry, 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 Daviess 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 Newberry, 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 Newberry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Newberry is $124,850, with the 25th percentile tax bill at $1,194 and the 75th percentile tax bill at $1,346. The zip code with the highest and lowest median tax bill is 47449, both at $1,270.
Average Newberry Assessed Value
$124,850
Average Daviess County Assessed Value
$140,350
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47449 | $103,290 | $111,375 | $124,850 | $138,325 | $146,410 |
Source: Ownwell
Property Tax Bills Across Newberry, Indiana
In Newberry, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value often reflects a percentage of the property's market value. Homeowners in Newberry, located in Daviess County, face a median property tax bill of approximately $1,270. This amount can vary significantly depending on the assessed value of the property and the specific tax rate applied. Factors influencing the tax bill include the property's location, size, and condition, as well as any applicable exemptions or deductions. For example, the 25th percentile tax bill is around $1,194, while the 75th percentile reaches $1,346, and the 90th percentile can go up to $1,391. These variations highlight how individual property characteristics and local tax rates impact the overall tax burden. Compared to the national median property tax rate of 0.99%, Newberry's rates reflect the local economic conditions and funding needs for public services. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Newberry Tax Bill
$1,270
Average Daviess County Tax Bill
$1,299
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Newberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47449 | $1,149 | $1,194 | $1,270 | $1,346 | $1,391 |
Source: Ownwell