Norman, Indiana Property Taxes
The median property tax rate in Norman, IN is 0.86%, 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 Norman being $126,300, the typical annual property tax bill is $1,116, falling below the national median of $2,690. Property taxes in Norman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Norman'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 Norman 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
Norman, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,086
Ownwell’s Norman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norman 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 Norman, Indiana
Property taxes in Norman, Indiana, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Norman stands at 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Norman set these rates annually, and they can differ significantly across various neighborhoods. Each year, Norman estimates its required budget to sustain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to determine the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the foundation for setting property tax rates. The data below compares Norman's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47264 has both the highest and lowest median property tax rate of 0.86%. Understanding how these areas compare with Norman 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 regions.
Average Norman Tax Rate
0.86%
Average Lawrence County Tax Rate
0.81%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47264 | 0.42% | 0.67% | 0.86% | 1.44% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Norman, Indiana
In Norman, 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 Lawrence 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 Norman, 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 Norman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47264 has the highest and lowest median tax bill, both at $1,116.
Average Norman Assessed Value
$126,300
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 Norman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47264 | $49,180 | $94,000 | $126,300 | $188,900 | $266,080 |
Source: Ownwell
Property Tax Bills Across Norman, Indiana
In Norman, Lawrence County, IN, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and market conditions. For instance, the median home price in Norman is $126,300. Homeowners in the 25th percentile typically see tax bills around $609, while those in the 75th percentile face bills closer to $1,973. At the 90th percentile, tax bills can reach up to $3,132. These property tax bills significantly impact homeowners, as they represent a recurring financial obligation that can influence overall affordability. Compared to the national median property tax rate of 0.99%, Norman's tax rates may vary, affecting how much homeowners pay relative to their property's assessed value. Understanding these factors can help homeowners better anticipate their annual tax responsibilities and plan their finances accordingly.
Average Norman Tax Bill
$1,116
Average Lawrence County Tax Bill
$1,042
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Norman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47264 | $312 | $609 | $1,116 | $1,973 | $3,132 |
Source: Ownwell