Owensburg, Indiana Property Taxes
The median property tax rate in Owensburg, IN is 1.04%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Owensburg at $87,300, the typical annual property tax bill is $712, which is below the national median of $2,690. Property taxes in Owensburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Owensburg'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 Owensburg 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
Owensburg, 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 Owensburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owensburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owensburg 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 Owensburg, Indiana
Property taxes in Owensburg, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owensburg is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Owensburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owensburg 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 Owensburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47453 has both the highest and lowest median property tax rate of 1.04%. Understanding how these areas compare with Owensburg provides 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 Owensburg Tax Rate
1.04%
Average Greene County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owensburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47453 | 0.21% | 0.68% | 1.04% | 1.59% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Owensburg, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Owensburg, Indiana. The market value represents the price a willing buyer would pay a willing seller in an open 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 property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Owensburg, 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, the median home price in Owensburg is $87,300, with tax bills ranging from $368 at the 25th percentile to $2,145 at the 90th percentile. The highest and lowest median tax bills are both $712, found in zip code 47453. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Owensburg Assessed Value
$87,300
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 Owensburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47453 | $15,590 | $45,725 | $87,300 | $137,175 | $193,320 |
Source: Ownwell
Property Tax Bills Across Owensburg, Indiana
In Owensburg, property tax bills are calculated based on the assessed value of a home, which is determined by the Greene County Assessor's office. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the tax bill. Several factors influence this calculation, including the home's market value, location, and any applicable exemptions or deductions. The median home price in Owensburg stands at $87,300. Homeowners in the 25th percentile can expect a tax bill of around $368, while those in the 75th percentile face bills up to $1,524. For the top 10% of properties, tax bills can reach as high as $2,145. Comparatively, the highest and lowest median tax bills in the area are both $712, found in the 47453 zip code. With the national median property tax rate at 0.99%, homeowners in Owensburg experience a range of tax bills that reflect both local property values and tax policies.
Average Owensburg Tax Bill
$712
Average Greene County Tax Bill
$788
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Owensburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47453 | $109 | $368 | $712 | $1,524 | $2,145 |
Source: Ownwell