Clay City, Indiana Property Taxes
The median property tax rate in Clay City, IN is 0.91%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Clay City being $191,600, the typical annual property tax bill amounts to $1,660, significantly less than the national median of $2,690. Property taxes in Clay City are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Clay City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Clay City 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
Clay City, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,744
Ownwell’s Clay City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clay City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clay City 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 Clay City, Indiana
Property taxes in Clay City, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clay City is 0.76%, significantly lower than both the Indiana state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Clay City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clay City 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 Clay City's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in Indiana is 1.03% in 46240, while the lowest median tax rate is 0.76% in 47841. Understanding how these cities compare with Clay City provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clay City Tax Rate
0.91%
Average Owen County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clay City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47841 | 0.59% | 0.68% | 0.91% | 1.31% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Clay City, Indiana
In Clay City, 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 Owen 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 Clay City, 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 Clay City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Clay City is $1,660, found in the zip code 47841, while the lowest median tax bill is also $1,660, in the same zip code.
Average Clay City Assessed Value
$191,600
Average Owen County Assessed Value
$135,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clay City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47841 | $91,280 | $144,200 | $191,600 | $224,325 | $276,150 |
Source: Ownwell
Property Tax Bills Across Clay City, Indiana
Property tax bills in Clay City, Owen County, IN, are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Clay City, the median home price is approximately $191,600. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile tax bill around $1,022 and the 75th percentile tax bill reaching up to $2,231. Several factors influence the assessed value, including property size, location, and market conditions. The tax bill also reflects the funding needs of local services such as schools, public safety, and infrastructure. For homeowners, these property taxes can represent a significant annual expense. The highest median tax bill in the area is $1,660, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate and budget for their property tax obligations.
Average Clay City Tax Bill
$1,660
Average Owen County Tax Bill
$1,105
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Clay City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47841 | $801 | $1,022 | $1,660 | $2,231 | $2,664 |
Source: Ownwell