Greensburg, Indiana Property Taxes
The median property tax rate in Greensburg, IN is 0.71%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Greensburg at $58,500, the typical annual property tax bill amounts to $443, well below the national median of $2,690. Property taxes in Greensburg are determined based on the tax assessed value, which is often less than the market value due to exemptions such as the primary residence and agricultural exemptions. Gaining a thorough understanding of Greensburg'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 Greensburg 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
Greensburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$415
Ownwell’s Greensburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greensburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greensburg 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 Greensburg, Indiana
Property taxes in Greensburg, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greensburg is 0.71%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Greensburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greensburg 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 Greensburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47240 zip code has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Greensburg provides valuable insights into the varying tax landscape across Decatur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greensburg Tax Rate
0.71%
Average Rush County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greensburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47240 | 0.38% | 0.51% | 0.71% | 1.19% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Greensburg, Indiana
In Greensburg, 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 Rush 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 Greensburg, 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 Greensburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47240 has the highest and lowest median tax bill, both at $443.
Average Greensburg Assessed Value
$58,500
Average Rush County Assessed Value
$138,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greensburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47240 | $12,940 | $42,250 | $58,500 | $111,450 | $291,340 |
Source: Ownwell
Property Tax Bills Across Greensburg, Indiana
In Greensburg, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. For homeowners in Greensburg, the median home price is $58,500, which serves as a baseline for tax calculations. The property tax rate in this region is influenced by local government budgets and public service funding needs. A homeowner's tax bill can vary significantly. The 25th percentile tax bill is around $213, indicating lower-end property values or exemptions. On the higher end, the 75th percentile tax bill reaches $916, and the 90th percentile can go up to $2,062, reflecting higher property values or fewer exemptions. The highest median tax bill in the area is $443, which is consistent across the zip code 47240. These figures show how property taxes can impact homeowners differently, depending on their property's assessed value and applicable exemptions.
Average Greensburg Tax Bill
$443
Average Rush County Tax Bill
$1,215
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Greensburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47240 | $88 | $213 | $443 | $916 | $2,062 |
Source: Ownwell