Georgetown, Indiana Property Taxes
The median property tax rate in Georgetown, IN is 0.81%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $228,400 in Georgetown, the typical annual property tax bill is approximately $1,904, falling below the national median of $2,690. Property taxes in Georgetown are based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Georgetown'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 Georgetown or another part of Floyd County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Georgetown, 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 Georgetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Georgetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Georgetown 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 Georgetown, Indiana
Property taxes in Georgetown, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Georgetown is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Georgetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Georgetown 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 Georgetown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47122 zip code has the same median property tax rate of 0.81%. Understanding how these cities compare with Georgetown provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Georgetown Tax Rate
0.81%
Average Floyd County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Georgetown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47122 | 0.58% | 0.70% | 0.81% | 0.90% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Georgetown, Indiana
In Georgetown, 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 Floyd 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 Georgetown, 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 Georgetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Georgetown are both $1,904, found in zip code 47122.
Average Georgetown Assessed Value
$228,400
Average Floyd County Assessed Value
$183,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Georgetown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47122 | $102,540 | $151,300 | $228,400 | $316,500 | $401,420 |
Source: Ownwell
Property Tax Bills Across Georgetown, Indiana
In Georgetown, located in Floyd County, IN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. For instance, with a median home price of $228,400, the tax bill can vary significantly based on the assessed value and applicable exemptions. Factors such as property improvements, neighborhood changes, and market conditions influence the assessed value. Homeowners in Georgetown can expect tax bills ranging from $1,158 at the 25th percentile to $3,656 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,904, reflecting the uniformity in assessment practices within the zip code 47122. Compared to the national median property tax rate of 0.99%, Georgetown's property tax rates can have a considerable impact on homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Georgetown Tax Bill
$1,904
Average Floyd County Tax Bill
$1,788
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Georgetown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47122 | $677 | $1,158 | $1,904 | $2,730 | $3,656 |
Source: Ownwell