Greensburg, Indiana Property Taxes
The median property tax rate in Greensburg, IN is 0.86%, 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 $167,200 in Greensburg, the typical annual property tax bill amounts to $1,438, significantly less than the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Greensburg'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 Greensburg 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
Greensburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,438
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greensburg is 0.86%, which is lower than 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 zip code 47240 has both the highest and lowest median property tax rate in the area, at 0.86%. Understanding how these figures 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
0.86%
Average Decatur County Tax Rate
0.79%
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 | 0.42% | 0.57% | 0.86% | 1.05% | 1.71% |
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 Decatur County Assessor's Office 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. 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. Greensburg's median home price is $167,200, with tax bills ranging from $799 at the 25th percentile to $2,189 at the 75th percentile, and $3,245 at the 90th percentile. The highest and lowest median tax bill in the 47240 zip code is $1,438. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greensburg Assessed Value
$167,200
Average Decatur County Assessed Value
$162,500
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 | $68,800 | $113,700 | $167,200 | $251,775 | $375,350 |
Source: Ownwell
Property Tax Bills Across Greensburg, Indiana
In Greensburg, located in Decatur County, IN, 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 reflects the property's market value. Homeowners in Greensburg can expect property tax rates that are competitive with the national median property tax rate of 0.99%. For instance, the median home price in Greensburg is $167,200, leading to varying tax bills across different percentiles. At the 25th percentile, homeowners might pay around $799 annually, while those at the 75th percentile could see tax bills of approximately $2,189. The highest tax bills, in the 90th percentile, can reach up to $3,245. With the highest and lowest median tax bills both being $1,438 in the 47240 zip code, it's clear that property taxes can significantly impact household finances. Understanding these factors helps homeowners anticipate their property tax obligations and plan their budgets accordingly.
Average Greensburg Tax Bill
$1,438
Average Decatur County Tax Bill
$1,342
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 | $365 | $799 | $1,438 | $2,189 | $3,245 |
Source: Ownwell