Selma, Indiana Property Taxes
The median property tax rate in Selma, IN is 0.74%, which is notably lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $52,500 in Selma, the typical annual property tax bill amounts to $392, significantly below the national median of $2,690. Property taxes in Selma are determined 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. Gaining a thorough understanding of Selma's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Selma or another part of Randolph County, familiarizing yourself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Selma, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$389
Ownwell's Selma Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Selma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Selma 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 Selma, Indiana
Property taxes in Selma, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Selma is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Selma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Selma 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 Selma's effective property tax rate to other areas and the national median. For comparison, the 47383 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Selma provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Selma Tax Rate
0.74%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Selma, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47383 | 0.71% | 0.72% | 0.74% | 0.75% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Selma, Indiana
In Selma, 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 Randolph 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 Selma, 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 Selma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Selma is $52,500, with tax bills ranging from $323 at the 25th percentile to $503 at the 90th percentile. The zip code 47383 has both the highest and lowest median tax bills at $392.
Average Selma Assessed Value
$52,500
Average Randolph County Assessed Value
$87,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Selma, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47383 | $39,540 | $44,400 | $52,500 | $60,600 | $65,460 |
Source: Ownwell
Property Tax Bills Across Selma, Indiana
In Selma, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, size, and any improvements made to the property. For homeowners in Selma, the median home price is $52,500, and property tax bills can vary significantly. The 25th percentile tax bill is $323, while the 75th percentile tax bill is $462, and the 90th percentile tax bill reaches $503. These amounts highlight the range of tax obligations homeowners might face, depending on their property's assessed value and specific circumstances. Comparatively, the median property tax rate in Selma is relatively low, especially when considering the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Selma, benefiting residents by keeping their annual housing costs manageable.
Average Selma Tax Bill
$392
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Selma, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47383 | $281 | $323 | $392 | $462 | $503 |
Source: Ownwell