Selma, Delaware County, Indiana Property Taxes
The median property tax rate in Selma, Indiana is 0.77%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $142,800 in Selma, the typical annual property tax bill amounts to $1,181, falling short of the national median of $2,690. Property taxes in Selma are calculated based on the tax assessed value, which often comes in below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Selma'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 Selma or another part of Delaware County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Selma, Delaware County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,100
$1,020
Ownwell’s Selma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Selma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Selma 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 Selma, Delaware County, Indiana
Property taxes in Selma, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Selma is 0.77%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Selma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Selma 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 Selma's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47383 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Selma 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 Selma Tax Rate
0.77%
Average Delaware County Tax Rate
0.99%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Selma, Delaware County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47383 | 0.44% | 0.60% | 0.77% | 1.01% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Selma, Delaware County, Indiana
In Selma, 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 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 Selma, 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 Selma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Selma is $142,800, with tax bills ranging from $631 at the 25th percentile to $3,050 at the 90th percentile. The zip code 47383 has the highest median tax bill at $1,181.
Property Tax Assessment Values Across Selma, Delaware County, Indiana
Source: Ownwell
$37,300
$119,175
$201,050
Average Selma Assessed Value
$142,800
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 Selma, Delaware County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47383 | $52,000 | $86,600 | $142,800 | $232,700 | $325,820 |
Source: Ownwell
Property Tax Bills Across Selma, Delaware County, Indiana
In Selma, Delaware 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 property tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. Homeowners in Selma experience varying tax bills, with the 25th percentile tax bill at $631 and the 75th percentile reaching $2,060. The 90th percentile tax bill can go as high as $3,050. The median home price in Selma is $142,800, and the tax rate in Delaware County is relatively lower compared to the national median property tax rate of 0.99%. This means homeowners in Selma may find their property tax bills more manageable, though the exact amount can vary widely based on the specific characteristics and assessed value of their property.
Average Selma Tax Bill
$1,181
Average Delaware County Tax Bill
$1,073
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Selma, Delaware County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47383 | $302 | $631 | $1,181 | $2,060 | $3,050 |
Source: Ownwell