Needham, Indiana Property Taxes
The median property tax rate in Needham, Indiana is 1.06%, slightly higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Needham at $227,500, the typical annual property tax bill reaches $2,583, just below the national median of $2,690. Property taxes in Needham 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 Needham'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 Needham 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
Needham, 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 Needham Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Needham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Needham to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan accordingly. For those interested in more localized trends, scrolling down will reveal neighborhood-level 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 Needham, Indiana
Property taxes in Needham, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Needham is 0.85%, which is lower than both the Indiana state median of 0.89% and the U.S. national median of 0.99%. Local government entities within Needham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Needham 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 Needham's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46162 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Needham provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Needham Tax Rate
1.06%
Average Johnson County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Needham, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46162 | 0.68% | 0.92% | 1.06% | 1.21% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Needham, Indiana
In Needham, 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 Johnson 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 Needham, 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 Needham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46162, standing at $2,583.
Average Needham Assessed Value
$227,500
Average Johnson County Assessed Value
$236,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Needham, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46162 | $80,120 | $136,800 | $227,500 | $368,250 | $545,340 |
Source: Ownwell
Property Tax Bills Across Needham, Indiana
In Needham, 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 property tax rate. For homeowners, several factors influence the final tax bill, such as the property's market value, any applicable exemptions, and the specific tax rate set by Johnson County. The median home price in Needham is $227,500, and property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $1,465, while at the 75th percentile, it rises to $4,433. The 90th percentile sees tax bills as high as $6,719. These figures indicate a wide range in tax obligations, largely dependent on property values and individual circumstances. Comparatively, the national median property tax rate is 0.99%, and Needham's tax bills reflect the varying assessed values and local tax policies. Homeowners should be aware of these factors, as they directly impact their annual financial obligations.
Average Needham Tax Bill
$2,583
Average Johnson County Tax Bill
$2,401
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Needham, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46162 | $641 | $1,465 | $2,583 | $4,433 | $6,719 |
Source: Ownwell