Medaryville, Indiana Property Taxes
The median property tax rate in Medaryville, IN is 0.42%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $179,500 in Medaryville, the typical annual property tax bill amounts to $846, which is well below the national median of $2,690. Property taxes in Medaryville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Medaryville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Medaryville or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medaryville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$754
Ownwell’s Medaryville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medaryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medaryville 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 Medaryville, Indiana
Property taxes in Medaryville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medaryville is 0.42%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Medaryville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medaryville 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 Medaryville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47957 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Medaryville provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medaryville Tax Rate
0.42%
Average Jasper County Tax Rate
0.49%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medaryville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47957 | 0.28% | 0.35% | 0.42% | 0.58% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Medaryville, Indiana
In Medaryville, 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 Jasper 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 Medaryville, 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 Medaryville is $179,500, with the 25th percentile tax bill at $597 and the 75th percentile tax bill at $1,212. 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 Medaryville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Medaryville Assessed Value
$179,500
Average Jasper County Assessed Value
$186,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medaryville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47957 | $120,240 | $148,400 | $179,500 | $224,000 | $341,520 |
Source: Ownwell
Property Tax Bills Across Medaryville, Indiana
In Medaryville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $179,500, homeowners can expect varying tax bills depending on their property’s assessed value and any applicable exemptions. Factors such as the property's location, size, and condition are considered during assessment. In Jasper County, where Medaryville is located, the 25th percentile tax bill is $597, while the 75th percentile reaches $1212, and the 90th percentile can be as high as $1642. These figures illustrate the range of property tax burdens homeowners might face. Comparatively, the national median property tax rate stands at 0.99%, which helps put Medaryville's tax situation into perspective. Understanding these factors allows homeowners to better anticipate their financial obligations and plan accordingly, ensuring they are prepared for their annual property tax bills.
Average Medaryville Tax Bill
$846
Average Jasper County Tax Bill
$974
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Medaryville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47957 | $407 | $597 | $846 | $1,212 | $1,642 |
Source: Ownwell