Griffin, Indiana Property Taxes
The median property tax rate in Griffin, Indiana is 1.66%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Griffin, the typical annual property tax bill reaches $138, which is significantly lower than the national median of $2,690. Property taxes in Griffin 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 Griffin'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 Griffin 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
Griffin, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$113
Ownwell’s Griffin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Griffin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Griffin 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 Griffin, Indiana
Property taxes in Griffin, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Griffin is 1.66%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Griffin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Griffin 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 Griffin's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47616 has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Griffin provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Griffin Tax Rate
1.66%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Griffin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47616 | 0.66% | 1.14% | 1.66% | 1.72% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Griffin, Indiana
In Griffin, 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 Gibson 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 Griffin, 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 Griffin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47616 has the highest median tax bill at $138.00, while the same zip code also has the lowest median tax bill at $138.00.
Average Griffin Assessed Value
$6,800
Average Gibson County Assessed Value
$136,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Griffin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47616 | $1,810 | $3,950 | $6,800 | $45,450 | $145,910 |
Source: Ownwell
Property Tax Bills Across Griffin, Indiana
In Griffin, located in Gibson County, IN, property tax bills are calculated based on the assessed value of a home, which serves as the foundation for determining the tax obligation. The assessed value is a percentage of the property's market value, and local tax rates are applied to this figure. Factors such as property improvements, neighborhood conditions, and market trends can influence this assessed value. For homeowners in Griffin, the property tax rate plays a pivotal role. With a median home price of $6,800, the tax bill varies significantly across different percentiles. For example, homeowners at the 25th percentile pay around $48, while those at the 75th percentile face a bill of approximately $578. At the 90th percentile, the tax bill can soar to $1,830. These variations highlight the impact of property assessments and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Griffin's rates reflect the unique economic and market conditions of the area, significantly affecting the financial responsibilities of its homeowners.
Average Griffin Tax Bill
$138
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Griffin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47616 | $26 | $48 | $138 | $578 | $1,830 |
Source: Ownwell