Cambridge City, Indiana Property Taxes
The median property tax rate in Cambridge City, IN is 1.17%, notably higher than both the national median of 0.99% and the Indiana state median of 0.85%. With a median home value of $160,100 in Cambridge City, the typical annual property tax bill reaches $1,872, falling below the national median of $2,690. Property taxes in Cambridge City 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 Cambridge City'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 Cambridge City 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
Cambridge City, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,873
Ownwell’s Cambridge City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridge City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridge City 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 Cambridge City, Indiana
Property taxes in Cambridge City, Indiana, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge City is 0.85%, which is lower than both the Indiana state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Cambridge City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge City 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 Cambridge City's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47327 has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Cambridge City provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge City Tax Rate
1.17%
Average Fayette County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47327 | 0.69% | 0.82% | 1.17% | 1.32% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge City, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cambridge City, Indiana. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the local 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 Cambridge City, 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 Cambridge City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $2,144 in the 47327 zip code, showcasing a consistent tax landscape across the region.
Average Cambridge City Assessed Value
$160,100
Average Fayette County Assessed Value
$95,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47327 | $105,820 | $129,300 | $160,100 | $265,600 | $369,430 |
Source: Ownwell
Property Tax Bills Across Cambridge City, Indiana
In Cambridge City, Fayette County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $160,100, homeowners can expect to pay varying amounts depending on their property's assessed value and applicable exemptions. Factors such as property size, location, and improvements influence the assessed value. Homeowners in the 25th percentile of tax bills pay around $1,061, while those in the 75th percentile pay approximately $3,358. At the 90th percentile, tax bills can reach up to $5,683. The highest median tax bill recorded in the area is $2,144. Compared to the national median property tax rate of 0.99%, the rates in Cambridge City reflect a range of financial impacts on homeowners. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Cambridge City Tax Bill
$2,144
Average Fayette County Tax Bill
$929
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47327 | $705 | $1,061 | $2,144 | $3,358 | $5,683 |
Source: Ownwell