Camby, Indiana Property Taxes
The median property tax rate in Camby, Indiana is 1.10%, higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Camby at $232,800, the typical annual property tax bill reaches $2,724, just above the national median of $2,690. Property taxes in Camby 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 Camby'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 Camby 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
Camby, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,561
Ownwell’s Camby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Camby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Camby 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 Camby, Indiana
Property taxes in Camby, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Camby is 1.10%, which is higher than the U.S. national median of 0.99%. Local government entities within Camby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Camby 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 Camby's effective property tax rate to other areas and the national median. For comparison, the zip code 46113 has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these figures compare with Camby provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Camby Tax Rate
1.10%
Average Marion County Tax Rate
1.19%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Camby, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46113 | 0.95% | 1.07% | 1.10% | 1.49% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Camby, Indiana
In Camby, 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 Marion 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 Camby, 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. For instance, the median home price in Camby is $232,800, with tax bills ranging from $2,300 at the 25th percentile to $4,822 at the 90th percentile. The highest and lowest median tax bills both stand at $2,724, specifically in the 46113 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Camby Assessed Value
$232,800
Average Marion County Assessed Value
$186,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Camby, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46113 | $177,200 | $204,300 | $232,800 | $270,325 | $308,710 |
Source: Ownwell
Property Tax Bills Across Camby, Indiana
In Camby, Marion County, IN, property tax bills are calculated based on the assessed value of a home, which is derived from the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Camby, the median home price stands at $232,800, with property tax bills ranging significantly. At the 25th percentile, the tax bill is around $2,300, while at the 75th percentile, it increases to approximately $3,685. The 90th percentile sees tax bills as high as $4,822. Compared to the national median property tax rate of 0.99%, Camby's property tax rates can result in higher annual bills, impacting homeowners' budgets. The highest and lowest median tax bills in the area are both $2,724, highlighting some consistency in tax assessments within the region. Understanding these factors is crucial for homeowners to anticipate their financial obligations accurately.
Average Camby Tax Bill
$2,724
Average Marion County Tax Bill
$2,364
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Camby, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46113 | $1,964 | $2,300 | $2,724 | $3,685 | $4,822 |
Source: Ownwell