Medora, Indiana Property Taxes
The median property tax rate in Medora, IN is 0.97%, slightly below the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Medora at $286,650, the typical annual property tax bill reaches $3,081, which exceeds the national median of $2,690. Property taxes in Medora are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Medora'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 Medora or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medora, 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 Medora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medora 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 Medora, Indiana
Property taxes in Medora, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medora is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Medora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medora 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 Medora's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47260 has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Medora provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medora Tax Rate
0.97%
Average Lawrence County Tax Rate
0.81%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47260 | 0.75% | 0.83% | 0.97% | 1.11% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Medora, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Medora, Indiana. 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 Lawrence County 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 Medora, 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 Medora is $286,650, with tax bills ranging from $2,147 at the 25th percentile to $4,575 at the 90th percentile. The highest and lowest median tax bill, both $3,081, are found in the 47260 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, and apply for exemptions to effectively manage their tax burden.
Average Medora Assessed Value
$286,650
Average Lawrence County Assessed Value
$124,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47260 | $197,970 | $231,225 | $286,650 | $342,075 | $375,330 |
Source: Ownwell
Property Tax Bills Across Medora, Indiana
In Medora, located in Lawrence County, IN, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this assessed value, which is then multiplied by the local tax rate to calculate the property tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made to the home. Homeowners in Medora can expect varying property tax bills. For instance, the tax bill at the 25th percentile is $2,147, while at the 75th percentile, it rises to $4,015. The 90th percentile sees a tax bill of $4,575. The highest median tax bill in the area is $3,081, which is notably higher than the national median property tax rate of 0.99%. These property taxes can significantly impact homeowners, influencing decisions on buying, selling, or renovating their homes. Understanding these factors helps homeowners better anticipate their annual property tax obligations.
Average Medora Tax Bill
$3,081
Average Lawrence County Tax Bill
$1,042
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Medora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47260 | $1,587 | $2,147 | $3,081 | $4,015 | $4,575 |
Source: Ownwell