New Middletown, Indiana Property Taxes
The median property tax rate in New Middletown, IN is 0.51%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Middletown at $93,300, the typical annual property tax bill amounts to $529, well below the national median of $2,690. Property taxes in New Middletown 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 New Middletown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of New Middletown or another part of Harrison County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Middletown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$476
Ownwell’s New Middletown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Middletown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Middletown 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 Middletown, Indiana
Property taxes in New Middletown, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Middletown is 0.51%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within New Middletown set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Middletown 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 Middletown's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47160 has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with New Middletown provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Middletown Tax Rate
0.51%
Average Harrison County Tax Rate
0.61%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Middletown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47160 | 0.28% | 0.37% | 0.51% | 1.13% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across New Middletown, Indiana
In New Middletown, 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 Harrison County 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 New Middletown, 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 New Middletown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $529, found in zip code 47160, highlighting the uniformity in tax assessments within the region.
Average New Middletown Assessed Value
$93,300
Average Harrison County Assessed Value
$175,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Middletown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47160 | $26,080 | $41,100 | $93,300 | $148,900 | $189,200 |
Source: Ownwell
Property Tax Bills Across New Middletown, Indiana
In New Middletown, located in Harrison County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in New Middletown, the median home price stands at $93,300. Factors such as property location, size, and condition all play a role in determining the assessed value. Tax bills can vary significantly within the area; for instance, the 25th percentile tax bill is $232, while the 75th percentile tax bill reaches $867. At the 90th percentile, homeowners might see tax bills as high as $1,364. Comparatively, the national median property tax rate is 0.99%, making New Middletown’s rates relatively moderate. These property taxes fund essential local services, including schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average New Middletown Tax Bill
$529
Average Harrison County Tax Bill
$1,112
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Middletown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47160 | $135 | $232 | $529 | $867 | $1,364 |
Source: Ownwell