Newburgh, Indiana Property Taxes
The median property tax rate in Newburgh, IN is 0.74%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $243,000 in Newburgh, the typical annual property tax bill amounts to $1,844, falling below the national median of $2,690. Property taxes in Newburgh are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Newburgh'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 Newburgh 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
Newburgh, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,798
Ownwell’s Newburgh Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Newburgh using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newburgh to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Newburgh, Indiana
Property taxes in Newburgh, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newburgh is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Newburgh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newburgh 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 Newburgh's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47630 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Newburgh provides valuable insights into the varying tax landscape across Warrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newburgh Tax Rate
0.74%
Average Warrick County Tax Rate
0.75%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newburgh, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47630 | 0.55% | 0.66% | 0.74% | 0.84% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Newburgh, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Newburgh, Indiana. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Warrick 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 Newburgh, 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. For example, the zip code 47630 has the highest median tax bill at $1,844. By being aware of these valuation processes in Newburgh, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newburgh Assessed Value
$243,000
Average Warrick County Assessed Value
$208,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newburgh, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47630 | $151,610 | $192,125 | $243,000 | $343,100 | $482,980 |
Source: Ownwell
Property Tax Bills Across Newburgh, Indiana
In Newburgh, Warrick County, IN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the final tax bill. Various factors influence the assessed value, including property size, location, and market conditions. For instance, the median home price in Newburgh is $243,000. The tax bills can vary significantly, with the 25th percentile at $1,312 and the 75th percentile at $2,824, reflecting differences in property values and exemptions. Homeowners in Newburgh face property tax rates that can impact their financial planning. For example, the highest median tax bill in the area is $1,844, which is relatively moderate compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate and manage their annual property tax obligations.
Average Newburgh Tax Bill
$1,844
Average Warrick County Tax Bill
$1,576
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Newburgh, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47630 | $895 | $1,312 | $1,844 | $2,824 | $4,255 |
Source: Ownwell