Matthews, Indiana Property Taxes
The median property tax rate in Matthews, IN is 0.64%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Matthews at $83,650, the typical annual property tax bill reaches $526, significantly below the national median of $2,690. Property taxes in Matthews are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Matthews'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 Matthews 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
Matthews, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Matthews Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Matthews with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Matthews 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 Matthews, Indiana
Property taxes in Matthews, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Matthews is 0.64%, lower than the U.S. national median of 0.99%. Local government entities within Matthews set these rates annually, and they can vary significantly across different neighborhoods. Each year, Matthews 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 Matthews's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46957 has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Matthews provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Matthews Tax Rate
0.64%
Average Grant County Tax Rate
0.87%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Matthews, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46957 | 0.34% | 0.45% | 0.64% | 1.56% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Matthews, Indiana
In Matthews, 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 Grant 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 Matthews, 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. For instance, Matthews has a median home price of $83,650, and the median tax bill ranges from $307 at the 25th percentile to $1,571 at the 90th percentile. The highest and lowest median tax bills are both $526 in the 46957 zip code. Being aware of these valuation processes in Matthews helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Matthews Assessed Value
$83,650
Average Grant County Assessed Value
$99,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Matthews, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46957 | $24,370 | $55,750 | $83,650 | $105,950 | $137,470 |
Source: Ownwell
Property Tax Bills Across Matthews, Indiana
In Matthews, Grant County, IN, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. Homeowners in Matthews can expect their tax bills to vary depending on several factors, including the assessed value of their property and the local tax rate. For instance, the median home price in Matthews is $83,650. The tax bill can range significantly, with the 25th percentile at $307 and the 75th percentile at $967. At the higher end, the 90th percentile tax bill reaches $1,571. Comparatively, the national median property tax rate is 0.99%, making Matthews relatively affordable for homeowners. These tax bills contribute to essential local services such as schools, infrastructure, and public safety, directly impacting the community's quality of life. Homeowners should be aware of these factors to better understand their annual property tax obligations.
Average Matthews Tax Bill
$526
Average Grant County Tax Bill
$892
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Matthews, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46957 | $212 | $307 | $526 | $967 | $1,571 |
Source: Ownwell