Martinsville, Indiana Property Taxes
The median property tax rate in Martinsville, IN is 0.52%, significantly lower than both the national median of 0.99% and Indiana’s state median of 0.99%. With the median home value in Martinsville at $217,900, the typical annual property tax bill is $1,304, well below the national median of $2,690. Property taxes in Martinsville 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 Martinsville'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 Martinsville 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
Martinsville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,133
Ownwell’s Martinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martinsville 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 Martinsville, Indiana
Property taxes in Martinsville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martinsville is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within Martinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martinsville 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 Martinsville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46151 in Morgan County has the highest median property tax rate of 0.52%, while the lowest median tax rate is also 0.52% in the same zip code. Understanding how these cities compare with Martinsville 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 Martinsville Tax Rate
0.52%
Average Morgan County Tax Rate
0.54%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martinsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | 0.34% | 0.42% | 0.52% | 0.81% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Martinsville, Indiana
In Martinsville, 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's Office 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 Martinsville, 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 Martinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46151 has the highest and lowest median tax bill at $1,304.
Average Martinsville Assessed Value
$217,900
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 Martinsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | $88,500 | $146,700 | $217,900 | $324,300 | $449,500 |
Source: Ownwell
Property Tax Bills Across Martinsville, Indiana
Property tax bills in Martinsville, located in Morgan County, IN, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For Martinsville, the median home price stands at $217,900. Given the national median property tax rate of 0.99%, homeowners in Martinsville can expect their tax bills to vary significantly. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill is around $772, while the 75th percentile reaches up to $1980. At the 90th percentile, homeowners might see tax bills as high as $2798. The highest median tax bill recorded in Martinsville is $1304, which is consistent across the zip code 46151. These property taxes fund essential community services such as schools, public safety, and infrastructure, impacting homeowners by contributing to the overall quality of life in Martinsville.
Average Martinsville Tax Bill
$1,304
Average Morgan County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Martinsville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | $402 | $772 | $1,304 | $1,980 | $2,798 |
Source: Ownwell