New Harmony, Indiana Property Taxes
The median property tax rate in New Harmony, IN is 0.91%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Harmony at $124,800, the typical annual property tax bill is $1,143, which is lower than the national median of $2,690. Property taxes in New Harmony 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 New Harmony'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 New Harmony 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
New Harmony, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,136
Ownwell’s New Harmony Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Harmony with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Harmony 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 New Harmony, Indiana
Property taxes in New Harmony, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Harmony is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within New Harmony set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Harmony 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 New Harmony's effective property tax rate to other areas in Posey County and the national median. For comparison, the zip code 47631 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with New Harmony provides valuable insights into the varying tax landscape across Posey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Harmony Tax Rate
0.91%
Average Posey County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Harmony, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47631 | 0.47% | 0.71% | 0.91% | 1.63% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across New Harmony, Indiana
In New Harmony, 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 Posey 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 New Harmony, 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 New Harmony helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $1,143 in zip code 47631, while the lowest is also $1,143 in the same zip code.
Average New Harmony Assessed Value
$124,800
Average Posey County Assessed Value
$149,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Harmony, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47631 | $22,220 | $67,100 | $124,800 | $185,200 | $261,900 |
Source: Ownwell
Property Tax Bills Across New Harmony, Indiana
In New Harmony, property tax bills are calculated based on the assessed value of a home, which is determined by the Posey County Assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. For instance, the median home price in New Harmony is $124,800, and property tax rates are applied to this value to determine the tax bill. Homeowners in New Harmony may see a range of tax bills depending on their property's assessed value. The 25th percentile tax bill is approximately $526, while the 75th percentile tax bill is around $1,983. For those at the higher end, the 90th percentile tax bill can reach up to $2,981. These property tax bills can significantly impact homeowners by influencing their overall housing costs and potentially affecting their financial planning. Comparing this to the national median property tax rate of 0.99%, New Harmony's tax bills reflect local economic and property market conditions.
Average New Harmony Tax Bill
$1,143
Average Posey County Tax Bill
$1,290
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Harmony, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47631 | $245 | $526 | $1,143 | $1,983 | $2,981 |
Source: Ownwell