Reelsville, Clay County, Indiana Property Taxes
The median property tax rate in Reelsville, IN is 0.47%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Reelsville at $116,500, the typical annual property tax bill is $509, which is well below the national median of $2,690. Property taxes in Reelsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Reelsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Reelsville 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
Reelsville, Clay County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$548
$508
Ownwell’s Reelsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reelsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reelsville 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 Reelsville, Clay County, Indiana
Property taxes in Reelsville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reelsville is 0.47%, significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Reelsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reelsville 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 Reelsville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46171 has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Reelsville 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 Reelsville Tax Rate
0.47%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reelsville, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46171 | 0.32% | 0.36% | 0.47% | 0.75% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Reelsville, Clay County, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Reelsville, Indiana. 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 Appraisal District 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 Reelsville, 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 Reelsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $509 in zip code 46171, which also has the lowest median tax bill, reflecting the uniformity in property tax assessments within the region.
Property Tax Assessment Values Across Reelsville, Clay County, Indiana
Source: Ownwell
$28,000
$81,350
$134,700
Average Reelsville Assessed Value
$116,500
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 Reelsville, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46171 | $56,600 | $91,300 | $116,500 | $155,100 | $227,040 |
Source: Ownwell
Property Tax Bills Across Reelsville, Clay County, Indiana
In Reelsville, Clay County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Reelsville stands at $116,500. Property taxes are then applied to this assessed value using the local tax rate. Various factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Reelsville can expect their annual tax bills to vary significantly. For instance, the 25th percentile tax bill is $436, while the 75th percentile tax bill is $879. At the higher end, the 90th percentile tax bill reaches $1,549. This range indicates how property taxes can impact homeowners differently based on their property's assessed value and applicable tax rates. Compared to the national median property tax rate of 0.99%, Reelsville's property taxes can be seen as relatively moderate, providing some relief to homeowners in the area. Understanding these factors can help residents anticipate their annual property tax obligations and budget accordingly.
Average Reelsville Tax Bill
$509
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Reelsville, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46171 | $347 | $436 | $509 | $879 | $1,549 |
Source: Ownwell