Milroy, Indiana Property Taxes
The median property tax rate in Milroy, IN is 0.55%, considerably lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Milroy at $187,200, the typical annual property tax bill reaches $1,806, falling below the national median of $2,690. Property taxes in Milroy are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milroy'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 Milroy or another part of Decatur County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milroy, 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 Milroy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milroy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milroy 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 Milroy, Indiana
Property taxes in Milroy, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milroy is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Milroy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milroy 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 Milroy's effective property tax rate to other areas in Indiana and the national median. For comparison, the highest and lowest median property tax rates in Milroy are both 0.55%, demonstrating a consistent tax rate across the area. Understanding how these figures compare with Milroy provides valuable insights into the varying tax landscape across Decatur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milroy Tax Rate
0.55%
Average Decatur County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milroy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46156 | 0.47% | 0.50% | 0.55% | 0.68% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Milroy, Indiana
In Milroy, 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 Decatur 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 Milroy, 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 Milroy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Milroy is $187,200, with property tax bills ranging from $910 at the 25th percentile to $3,212 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,806, occurring in the 46156 zip code.
Average Milroy Assessed Value
$187,200
Average Decatur County Assessed Value
$162,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milroy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46156 | $161,040 | $171,300 | $187,200 | $288,900 | $457,400 |
Source: Ownwell
Property Tax Bills Across Milroy, Indiana
In Milroy, 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 then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's market value, size, location, and any improvements made. Homeowners in Milroy can expect varying tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is around $910, while at the 75th percentile, it rises to approximately $2,176. At the 90th percentile, homeowners might see tax bills as high as $3,212. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating local rates. These property taxes are crucial for funding community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Milroy Tax Bill
$1,806
Average Decatur County Tax Bill
$1,342
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Milroy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46156 | $804 | $910 | $1,806 | $2,176 | $3,212 |
Source: Ownwell