Greencastle, Indiana Property Taxes
The median property tax rate in Greencastle, IN is 0.87%, slightly below the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $115,800 in Greencastle, the typical annual property tax bill is $1,059, which is lower than the national median of $2,690. Property taxes in Greencastle are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding the property tax system in Greencastle, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Greencastle or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Greencastle, 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 Greencastle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greencastle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greencastle 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 Greencastle, Indiana
Property taxes in Greencastle, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Greencastle is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Greencastle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greencastle 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 Greencastle's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46135 has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Greencastle provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greencastle Tax Rate
0.87%
Average Putnam County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greencastle, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46135 | 0.43% | 0.64% | 0.87% | 1.35% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Greencastle, Indiana
In Greencastle, 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 Putnam County Appraisal District 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 Greencastle, 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 Greencastle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1059, with the zip code 46135.
Average Greencastle Assessed Value
$115,800
Average Putnam County Assessed Value
$120,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greencastle, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46135 | $35,100 | $73,400 | $115,800 | $165,875 | $227,810 |
Source: Ownwell
Property Tax Bills Across Greencastle, Indiana
In Greencastle, Putnam County, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and is a percentage of the property's market value. Several factors influence this assessed value, including the property's location, size, and condition. For homeowners in Greencastle, the median home price is $115,800. Tax bills can vary significantly, with the 25th percentile at $526 and the 75th percentile reaching $1,686, while the 90th percentile tax bill is as high as $2,453. The property tax rate in Greencastle is influenced by local budget needs, including funding for schools, infrastructure, and public services. Homeowners in the area may find that their tax bills are relatively moderate compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in Greencastle are both $1,059, reflecting a consistent approach to property taxation within the city. Understanding these factors can help homeowners anticipate their annual property tax obligations.
Average Greencastle Tax Bill
$1,059
Average Putnam County Tax Bill
$978
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Greencastle, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46135 | $242 | $526 | $1,059 | $1,686 | $2,453 |
Source: Ownwell