Cambridge City, Indiana Property Taxes
The median property tax rate in Cambridge City, IN is 0.77%, lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Cambridge City, the typical annual property tax bill reaches $974, significantly below the national median of $2,690. Property taxes in Cambridge City 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 Cambridge City'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 Cambridge City 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
Cambridge City, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$992
Ownwell’s Cambridge City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridge City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridge City 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 Cambridge City, Indiana
Property taxes in Cambridge City, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge City is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Cambridge City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge City 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 Cambridge City's effective property tax rate to other regions in Indiana and the national median. For comparison, the highest and lowest median property tax rates in Henry County are both 0.77%, making Cambridge City consistent with the county's overall tax landscape. Understanding how these cities compare with Cambridge City provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge City Tax Rate
0.77%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47327 | 0.38% | 0.55% | 0.77% | 1.10% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge City, Indiana
In Cambridge City, 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 Henry 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 Cambridge City, 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 Cambridge City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 47327, with a median tax bill of $974.
Average Cambridge City Assessed Value
$128,800
Average Henry County Assessed Value
$106,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47327 | $63,900 | $97,100 | $128,800 | $180,350 | $266,800 |
Source: Ownwell
Property Tax Bills Across Cambridge City, Indiana
Property tax bills in Cambridge City, located in Henry County, Indiana, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. Once the assessed value is established, the tax rate is applied to calculate the annual tax bill. In Cambridge City, the median home price is $128,800, which provides a baseline for understanding typical tax bills in the area. Homeowners in this region can expect their tax bills to vary significantly. The 25th percentile tax bill is around $524, while the 75th percentile tax bill reaches $1,704. For those at the higher end, the 90th percentile tax bill can be as high as $3,177. These variations reflect differences in property values and specific local tax rates. Compared to the national median property tax rate of 0.99%, Cambridge City's tax rates can have a substantial impact on homeowners, influencing their overall cost of living and financial planning.
Average Cambridge City Tax Bill
$974
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47327 | $301 | $524 | $974 | $1,704 | $3,177 |
Source: Ownwell