Camby, Indiana Property Taxes
The median property tax rate in Camby, IN is 0.46%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $245,500 in Camby, the typical annual property tax bill amounts to $1,173, which is well below the national median of $2,690. Property taxes in Camby 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 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
0.46%
Estimate Property Tax Bill
$1,129
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Camby is 0.46%, lower than both the Indiana state median and 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 counties in Indiana and the national median. For comparison, the zip code 46113 has both the highest and lowest median property tax rate of 0.46%. Understanding how these areas compare with Camby provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Camby Tax Rate
0.46%
Average Morgan County Tax Rate
0.54%
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 | 0.31% | 0.40% | 0.46% | 0.57% | 0.90% |
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 Morgan 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. 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 Camby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Camby are both $1,173, found in the 46113 zip code.
Average Camby Assessed Value
$245,500
Average Morgan County Assessed Value
$228,450
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 | $165,900 | $197,400 | $245,500 | $309,300 | $375,960 |
Source: Ownwell
Property Tax Bills Across Camby, Indiana
Property tax bills in Camby, located in Morgan County, Indiana, are calculated based on the assessed value of a property. This assessed value is determined by the local assessor's office, which estimates the market value of the property. The tax rate is then applied to this assessed value to calculate the annual tax bill. In Camby, the median home price is $245,500, and the property tax rate is influenced by various factors, including local government budgets and public service funding needs. Homeowners in Camby can expect their property tax bills to vary. For example, the 25th percentile tax bill is $804, while the 75th percentile tax bill reaches $1,640. At the 90th percentile, homeowners might see tax bills as high as $2,261. These figures indicate that property tax bills can significantly impact household budgets, with some homeowners paying more than double the amount of others. Compared to the national median property tax rate of 0.99%, Camby's property tax rates are relatively moderate, making it an appealing location for homeowners.
Average Camby Tax Bill
$1,173
Average Morgan County Tax Bill
$1,323
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 | $545 | $804 | $1,173 | $1,640 | $2,261 |
Source: Ownwell