New Palestine, Indiana Property Taxes
The median property tax rate in New Palestine, IN is 0.74%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Palestine at $299,150, the typical annual property tax bill is approximately $2,250, which falls below the national median of $2,690. Property taxes in New Palestine are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding New Palestine'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 New Palestine or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Palestine, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$2,214
Ownwell’s New Palestine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Palestine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Palestine 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 New Palestine, Indiana
Property taxes in New Palestine, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Palestine is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within New Palestine set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Palestine 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 New Palestine's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46163 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with New Palestine provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Palestine Tax Rate
0.74%
Average Hancock County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Palestine, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46163 | 0.51% | 0.65% | 0.74% | 0.86% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across New Palestine, Indiana
In New Palestine, 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 Hancock 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 New Palestine, 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. For instance, the median home price in New Palestine is $299,150, with tax bills ranging from $1,529 at the 25th percentile to $3,779 at the 90th percentile. The highest and lowest median tax bills are both $2,250 in the zip code 46163. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New Palestine, Indiana
Source: Ownwell
$23,100
$1,036,150
$2,049,200
Average New Palestine Assessed Value
$299,150
Average Hancock County Assessed Value
$247,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Palestine, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46163 | $185,200 | $232,200 | $299,150 | $362,100 | $429,830 |
Source: Ownwell
Property Tax Bills Across New Palestine, Indiana
In New Palestine, located in Hancock County, IN, property tax bills are determined based on the assessed value of the property and the local tax rate. The assessed value is established by the county assessor and reflects the market value of the property. Homeowners in New Palestine should be aware that their tax bill is influenced by various factors, including property size, location, and any improvements made. For instance, the median home price in New Palestine is $299,150, and the property tax rate in the area can lead to varying tax bills. Homeowners may find themselves paying as little as $1,529 at the 25th percentile or as much as $2,966 at the 75th percentile. At the 90th percentile, the tax bill can reach up to $3,779. Comparatively, the highest median tax bill in the area is $2,250, which is significantly below the national median property tax rate of 0.99%. Understanding these factors can help homeowners budget effectively and anticipate their annual property tax obligations.
Average New Palestine Tax Bill
$2,250
Average Hancock County Tax Bill
$2,024
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Palestine, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46163 | $985 | $1,529 | $2,250 | $2,966 | $3,779 |
Source: Ownwell