Cory, Indiana Property Taxes
The median property tax rate in Cory, IN is 0.49%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Cory at $134,700, the typical annual property tax bill is $623, well below the national median of $2,690. Property taxes in Cory are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Cory'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 Cory or another part of Clay County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cory, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$660
Ownwell’s Cory Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cory with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cory 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 Cory, Indiana
Property taxes in Cory, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cory is 0.49%, significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Cory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cory 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 Cory's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47846 zip code has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Cory provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cory Tax Rate
0.49%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cory, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47846 | 0.19% | 0.33% | 0.49% | 0.76% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Cory, Indiana
In Cory, 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 Clay 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 Cory, 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 Cory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cory is $623 in the 47846 zip code, which is also the lowest.
Average Cory Assessed Value
$134,700
Average Clay County Assessed Value
$81,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cory, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47846 | $34,630 | $67,175 | $134,700 | $206,600 | $270,520 |
Source: Ownwell
Property Tax Bills Across Cory, Indiana
In Cory, located in Clay County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Cory, the median home price is $134,700, and the property tax rate is relatively moderate compared to the national median property tax rate of 0.99%. Several factors impact the final tax bill, including property improvements, market conditions, and local government budgets. Tax bills can vary significantly; for example, the 25th percentile tax bill is $232, while the 75th percentile reaches $1,149. High-value properties may see tax bills as high as $1,978 in the 90th percentile. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Understanding how these factors influence property tax bills can help homeowners in Cory better anticipate and manage their annual expenses.
Average Cory Tax Bill
$623
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cory, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47846 | $106 | $232 | $623 | $1,149 | $1,978 |
Source: Ownwell