Shoals, Indiana Property Taxes
The median property tax rate in Shoals, IN is 0.67%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Shoals at $88,000, the typical annual property tax bill amounts to $552, which is significantly below the national median of $2,690. Property taxes in Shoals are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Shoals' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Shoals or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shoals, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$590
Ownwell’s Shoals Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shoals with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shoals 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 Shoals, Indiana
Property taxes in Shoals, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shoals is 0.67%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Shoals set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shoals 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 Shoals' effective property tax rate to other counties in Indiana and the national median. For comparison, the 47581 zip code has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Shoals 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 Shoals Tax Rate
0.67%
Average Martin County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shoals, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47581 | 0.30% | 0.46% | 0.67% | 1.39% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Shoals, Indiana
In Shoals, 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 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 Shoals, 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 Shoals helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47581 has both the highest and lowest median tax bill of $552.00, highlighting the uniformity in property tax assessments within the area.
Average Shoals Assessed Value
$88,000
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 Shoals, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47581 | $16,380 | $39,000 | $88,000 | $136,800 | $192,800 |
Source: Ownwell
Property Tax Bills Across Shoals, Indiana
In Shoals, located in Martin County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Shoals can expect a median home price of $88,000, which serves as the basis for calculating their property tax bill. Several factors influence the final tax bill, including the property's assessed value and the local tax rate. For instance, the tax bill at the 25th percentile is $301, while at the 75th percentile, it rises to $1,031. At the 90th percentile, homeowners may face a tax bill as high as $1,618. Comparatively, the highest median tax bill in Shoals is $552, which aligns with the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners, affecting their annual financial planning and overall affordability of homeownership. By understanding these factors, homeowners can better anticipate their property tax obligations and budget accordingly.
Average Shoals Tax Bill
$552
Average Martin County Tax Bill
$728
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Shoals, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47581 | $147 | $301 | $552 | $1,031 | $1,618 |
Source: Ownwell