Crane, Indiana Property Taxes
The median property tax rate in Crane, IN is 1.92%, significantly higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Crane at $33,800, the typical annual property tax bill reaches $482, which is below the national median of $2,690. Property taxes in Crane 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 Crane'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 Crane 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
Crane, 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 Crane Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crane with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crane 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 Crane, Indiana
Property taxes in Crane, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crane is 1.92%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Crane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crane 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 Crane's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47522 zip code has both the highest and lowest median property tax rate of 1.92%. Understanding how these cities compare with Crane provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crane Tax Rate
1.92%
Average Martin County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crane, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47522 | 0.57% | 0.67% | 1.92% | 2.79% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Crane, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Crane, Indiana. The market value is what 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 Martin 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 Crane, 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 example, the median home price in Crane is $33,800, with tax bills ranging from $238 at the 25th percentile to $1,030 at the 90th percentile. The highest median tax bill is $482 in the 47522 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 their tax burden.
Average Crane Assessed Value
$33,800
Average Martin County Assessed Value
$107,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crane, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47522 | $7,600 | $21,625 | $33,800 | $45,450 | $69,050 |
Source: Ownwell
Property Tax Bills Across Crane, Indiana
In Crane, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Crane is $33,800, and property taxes are computed by applying the local tax rate to this assessed value. Factors such as home improvements, market conditions, and neighborhood trends can influence the assessed value, thus affecting the tax bill. The 25th percentile of property tax bills in Crane is $238, while the 75th percentile reaches $763, and the 90th percentile climbs to $1,030. These figures indicate a range of tax responsibilities among homeowners, depending on their property's assessed value and any applicable exemptions. Comparatively, Crane's property tax burden is relatively modest, given the national median property tax rate of 0.99%. For instance, the highest median tax bill in the region is $482, located in zip code 47522. Understanding these factors can help homeowners in Crane anticipate their property tax obligations and plan their finances accordingly.
Average Crane Tax Bill
$482
Average Martin County Tax Bill
$728
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Crane, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47522 | $158 | $238 | $482 | $763 | $1,030 |
Source: Ownwell