Albany, Delaware County, Indiana Property Taxes
The median property tax rate in Albany, Indiana is 0.88%, 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 Albany at $113,400, the typical annual property tax bill reaches $1,067, falling below the national median of $2,690. Property taxes in Albany 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 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 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
Albany, Delaware County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$998
$926
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 Albany, Delaware County, Indiana
Property taxes in Albany, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 0.88%, which is lower than the national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Albany's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47320 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these areas compare with Albany provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
0.88%
Average Delaware County Tax Rate
0.99%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Delaware County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47320 | 0.48% | 0.65% | 0.88% | 1.21% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Delaware County, Indiana
In 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 Delaware 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. Assessment notices in Albany 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Albany both amount to $1,067, with the zip code 47320 having this consistent figure.
Property Tax Assessment Values Across Albany, Delaware County, Indiana
Source: Ownwell
$37,300
$119,175
$201,050
Average Albany Assessed Value
$113,400
Average Delaware County Assessed Value
$101,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Delaware County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47320 | $40,060 | $65,800 | $113,400 | $188,800 | $267,280 |
Source: Ownwell
Property Tax Bills Across Albany, Delaware County, Indiana
In Albany, Delaware County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. The median home price in Albany is $113,400, and the property tax rate in the area is reflective of this valuation. For homeowners, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $521, while at the 75th percentile, it rises to $1,842. Those at the 90th percentile experience a tax bill as high as $2,972. The highest median tax bill recorded in the area is $1,067, which is consistent across different zip codes. Compared to the national median property tax rate of 0.99%, Albany's rates can be considered relatively moderate, impacting homeowners differently based on their property's assessed value.
Average Albany Tax Bill
$1,067
Average Delaware County Tax Bill
$1,073
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Delaware County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47320 | $288 | $521 | $1,067 | $1,842 | $2,972 |
Source: Ownwell