Morgantown, Indiana Property Taxes
The median property tax rate in Morgantown, IN is 0.56%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Morgantown, the typical annual property tax bill is $1,327, which is well below the national median of $2,690. Property taxes in Morgantown 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 Morgantown'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 Morgantown 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
Morgantown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,122
Ownwell’s Morgantown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morgantown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morgantown 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 Morgantown, Indiana
Property taxes in Morgantown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morgantown is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Morgantown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgantown 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 Morgantown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46160 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Morgantown 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 Morgantown Tax Rate
0.56%
Average Morgan County Tax Rate
0.54%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morgantown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46160 | 0.38% | 0.48% | 0.56% | 0.87% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Morgantown, Indiana
In Morgantown, 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 Morgantown, 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 Morgantown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Morgantown is $200,400. The zip code with the highest and lowest median tax bill is 46160, with a tax bill of $1,327. By understanding these figures, homeowners can better manage their property tax expectations and responsibilities.
Average Morgantown Assessed Value
$200,400
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 Morgantown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46160 | $82,480 | $132,700 | $200,400 | $337,350 | $471,160 |
Source: Ownwell
Property Tax Bills Across Morgantown, Indiana
In Morgantown, Morgan County, IN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Morgantown typically see property tax bills ranging from $803 at the 25th percentile to $3,060 at the 90th percentile. The median home price in the area is $200,400, and the median property tax bill is $1,327, which is above the national median property tax rate of 0.99%. Several factors influence the property tax bill, including property size, location, and any applicable exemptions or deductions. For instance, properties in the 46160 zip code have the highest and lowest median tax bills, both at $1,327. These property taxes fund essential services such as schools, emergency services, and infrastructure improvements, directly impacting the quality of life for homeowners. Understanding how these elements come together helps residents anticipate their tax obligations and manage their finances effectively.
Average Morgantown Tax Bill
$1,327
Average Morgan County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgantown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46160 | $426 | $803 | $1,327 | $2,124 | $3,060 |
Source: Ownwell