Scotland, Indiana Property Taxes
The median property tax rate in Scotland, Indiana is 2.08%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Scotland at $35,450, the typical annual property tax bill reaches $265, which is below the national median of $2,690. Property taxes in Scotland 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 Scotland'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 Scotland 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
Scotland, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.08%
Estimate Property Tax Bill
$737
Ownwell’s Scotland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scotland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scotland 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 Scotland, Indiana
Property taxes in Scotland, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scotland is 0.76%, significantly lower than both the Indiana state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Scotland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scotland 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 Scotland's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47457 zip code has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Scotland 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 Scotland Tax Rate
2.08%
Average Greene County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scotland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47457 | 0.33% | 0.57% | 2.08% | 2.14% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Scotland, Indiana
In Scotland, 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 local 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. In Scotland, 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 Scotland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Greene County is $35,450, with the highest and lowest median tax bills both being $265 in the 47457 zip code.
Average Scotland Assessed Value
$35,450
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 Scotland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47457 | $5,120 | $18,700 | $35,450 | $45,075 | $54,190 |
Source: Ownwell
Property Tax Bills Across Scotland, Indiana
In Scotland, Greene County, IN, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $35,450, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $150, while those in the 75th percentile see bills closer to $622. At the 90th percentile, the tax bill can reach up to $1,146. The highest and lowest median tax bills in the area are both recorded at $265, reflecting the uniformity within certain zip codes like 47457. Compared to the national median property tax rate of 0.99%, the property tax burden in Scotland, Greene County, is relatively low, providing some relief to homeowners. These tax bills directly impact the financial planning and budgeting for homeowners, influencing their overall cost of living and potential investment in property improvements.
Average Scotland Tax Bill
$265
Average Greene County Tax Bill
$788
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Scotland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47457 | $48 | $150 | $265 | $622 | $1,146 |
Source: Ownwell