New Albany, Indiana Property Taxes
The median property tax rate in New Albany, IN is 0.74%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Albany, the typical annual property tax bill is $1,596, significantly below the national median of $2,690. Property taxes in New Albany are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding New Albany'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 Albany 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 Albany, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$2,134
Ownwell’s New Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Albany 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 Albany, Indiana
Property taxes in New Albany, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Albany is 0.74%, which is notably lower than the U.S. national median of 0.99%. Local government entities within New Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Albany 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 Albany's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47150 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with New Albany provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Albany Tax Rate
0.74%
Average Clark County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47150 | 0.57% | 0.65% | 0.74% | 1.56% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across New Albany, Indiana
In New Albany, 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 Clark 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 Albany, 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In New Albany, the median home price is $288,400. The highest median tax bill in the area is $1,596, found in the 47150 zip code, while the lowest is also $1,596 in the same zip code.
Average New Albany Assessed Value
$288,400
Average Clark County Assessed Value
$205,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47150 | $31,500 | $102,900 | $288,400 | $343,050 | $420,500 |
Source: Ownwell
Property Tax Bills Across New Albany, Indiana
In New Albany, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. This assessed value is then multiplied by the local property tax rate to determine the tax bill. For instance, with a median home price of $288,400, the tax bill can vary significantly. Homeowners in the 25th percentile typically pay around $902, while those in the 75th percentile face bills closer to $2,796. At the 90th percentile, property tax bills can reach up to $3,939. Several factors influence these amounts, including property location, home size, and any applicable exemptions. In Clark County, where New Albany is situated, the highest and lowest median tax bills both stand at $1,596 in the 47150 zip code. Compared to the national median property tax rate of 0.99%, New Albany's tax rates can seem relatively moderate, yet they still significantly impact homeowners' annual expenses.
Average New Albany Tax Bill
$1,596
Average Clark County Tax Bill
$1,927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47150 | $817 | $902 | $1,596 | $2,796 | $3,939 |
Source: Ownwell