Middletown, Indiana Property Taxes
The median property tax rate in Middletown, IN is 0.76%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Middletown at $147,400, the typical annual property tax bill is $1,150, significantly below the national median of $2,690. Property taxes in Middletown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Middletown'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 Middletown 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
Middletown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,120
Ownwell’s Middletown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Middletown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Middletown 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 Middletown, Indiana
Property taxes in Middletown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middletown is 0.76%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Middletown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middletown 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 Middletown's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47356 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Middletown provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Middletown Tax Rate
0.76%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middletown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47356 | 0.45% | 0.61% | 0.76% | 1.06% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Middletown, Indiana
In Middletown, 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 Henry 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 Middletown, 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. The median home price in Middletown is $147,400, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $692, while the 75th percentile tax bill is $1,822, and the 90th percentile tax bill reaches $2,690. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Middletown Assessed Value
$147,400
Average Henry County Assessed Value
$106,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Middletown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47356 | $50,320 | $92,600 | $147,400 | $224,600 | $297,360 |
Source: Ownwell
Property Tax Bills Across Middletown, Indiana
In Middletown, Henry County, IN, 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 tax bill. For instance, the median home price in Middletown is $147,400, and property tax bills can vary significantly. The tax bill at the 25th percentile is $692, while at the 75th percentile, it rises to $1822, and at the 90th percentile, it can reach up to $2690. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made. Homeowners in Middletown should be aware that their property tax bills can have a substantial impact on their annual expenses. Compared to the national median property tax rate of 0.99%, the tax bills in Middletown can vary widely, reflecting differences in property values and local tax rates. Understanding these factors can help homeowners better anticipate their financial obligations.
Average Middletown Tax Bill
$1,150
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Middletown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47356 | $432 | $692 | $1,150 | $1,822 | $2,690 |
Source: Ownwell