Newberry, Greene County, Indiana Property Taxes
The median property tax rate in Newberry, IN is 0.98%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Newberry at $70,050, the typical annual property tax bill amounts to $573, which is significantly lower than the national median of $2,690. Property taxes in Newberry are determined based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Newberry's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Newberry or another part of Greene County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newberry, Greene County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$686
$637
Ownwell’s Newberry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newberry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newberry 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 Newberry, Greene County, Indiana
Property taxes in Newberry, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newberry is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Newberry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newberry 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 Newberry's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47449 has the same median property tax rate of 0.98%, providing a consistent benchmark within Greene County. Understanding how these areas compare with Newberry offers valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newberry Tax Rate
0.98%
Average Greene County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newberry, Greene County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47449 | 0.20% | 0.64% | 0.98% | 1.89% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Newberry, Greene County, Indiana
In Newberry, 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 Greene 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 Newberry, 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 Newberry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Newberry is $70,050, with tax bills ranging from $271 at the 25th percentile to $1,747 at the 90th percentile. The zip code with the highest and lowest median tax bill is 47449, at $573.
Property Tax Assessment Values Across Newberry, Greene County, Indiana
Source: Ownwell
$35,450
$84,550
$133,650
Average Newberry Assessed Value
$70,050
Average Greene County Assessed Value
$82,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newberry, Greene County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47449 | $8,620 | $38,450 | $70,050 | $101,650 | $145,390 |
Source: Ownwell
Property Tax Bills Across Newberry, Greene County, Indiana
In Newberry, Greene County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in Newberry stands at $70,050, and property taxes in this area are influenced by both the assessed value and the local tax rate. The tax bill can vary significantly, ranging from the 25th percentile at $271 to the 75th percentile at $989, with the 90th percentile reaching up to $1,747. Several factors contribute to the calculation of property taxes, including the property's market value, any applicable exemptions, and the local tax rate set by the county. For homeowners, understanding these factors is crucial as property taxes can significantly impact their annual expenses. Newberry's property tax rate is relatively low compared to the national median property tax rate of 0.99%, making it a more affordable place for homeowners. The highest and lowest median tax bills in the area are both $573, found in the 47449 zip code.
Average Newberry Tax Bill
$573
Average Greene County Tax Bill
$788
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Newberry, Greene County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47449 | $61 | $271 | $573 | $989 | $1,747 |
Source: Ownwell