Derby, Indiana Property Taxes
The median property tax rate in Derby, IN is 1.09%, higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Derby, the typical annual property tax bill reaches $1,137, which is below the national median of $2,690. Property taxes in Derby are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Derby'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 Derby 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
Derby, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Derby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Derby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Derby 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 Derby, Indiana
Property taxes in Derby, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Derby is 1.09%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Derby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Derby 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 Derby's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47525 zip code has the highest median property tax rate of 1.09%, while the same zip code also represents the lowest median tax rate of 1.09%. Understanding how these cities compare with Derby provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Derby Tax Rate
1.09%
Average Perry County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Derby, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47525 | 0.57% | 0.85% | 1.09% | 1.94% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Derby, Indiana
In Derby, 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 Perry 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 Derby, 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 Derby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Derby is $104,250, with tax bills ranging from $513 at the 25th percentile to $2,753 at the 90th percentile. The highest and lowest median tax bills are both $1,137 in the zip code 47525.
Average Derby Assessed Value
$104,250
Average Perry County Assessed Value
$97,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Derby, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47525 | $26,070 | $53,475 | $104,250 | $156,300 | $199,510 |
Source: Ownwell
Property Tax Bills Across Derby, Indiana
In Derby, located in Perry County, Indiana, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local county assessor and is meant to reflect the market value of the property. Several factors influence this assessment, including the property's size, age, location, and any improvements made. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Derby, the tax bill can vary significantly. The 25th percentile tax bill is around $513, while those in the 75th percentile pay approximately $1,867. The top 10% of tax bills can reach up to $2,753. The median home price in Derby is $104,250, and the local property tax rate is compared to the national median of 0.99%. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly affecting the quality of life for homeowners in Derby.
Average Derby Tax Bill
$1,137
Average Perry County Tax Bill
$927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Derby, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47525 | $270 | $513 | $1,137 | $1,867 | $2,753 |
Source: Ownwell