Greensburg, Indiana Property Taxes
The median property tax rate in Greensburg, IN is 0.69%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Greensburg at $209,700, the typical annual property tax bill amounts to $1,537, falling below the national median of $2,690. Property taxes in Greensburg are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Greensburg's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're situated in the heart of Greensburg or another part of the city, gaining insight into the local property tax system can be highly beneficial.
Last Updated June 14, 2024
Greensburg, 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 Greensburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greensburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greensburg 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 Greensburg, Indiana
Property taxes in Greensburg, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Greensburg is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Greensburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greensburg 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 Greensburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47240 zip code has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Greensburg 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 Greensburg Tax Rate
0.69%
Average Franklin County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greensburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47240 | 0.42% | 0.57% | 0.69% | 1.19% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Greensburg, Indiana
In Greensburg, 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 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 Greensburg, 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 Greensburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Greensburg's 47240 zip code is $1,537, which is significantly below the national median rate of 0.99%.
Average Greensburg Assessed Value
$209,700
Average Franklin County Assessed Value
$167,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greensburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47240 | $94,580 | $132,550 | $209,700 | $285,000 | $406,110 |
Source: Ownwell
Property Tax Bills Across Greensburg, Indiana
In Greensburg, located in Franklin 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 a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For homeowners in Greensburg, the median home price is $209,700. Property tax bills can vary significantly within the area. At the 25th percentile, homeowners might pay around $845 annually, while those at the 75th percentile could see bills as high as $2,340. The 90th percentile tax bill reaches $3,616, indicating a substantial range based on property value and specific local rates. These taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, the rates in Greensburg reflect the specific economic and administrative decisions of the local government.
Average Greensburg Tax Bill
$1,537
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Greensburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47240 | $512 | $845 | $1,537 | $2,340 | $3,616 |
Source: Ownwell