Cortland, Indiana Property Taxes
The median property tax rate in Cortland, IN is 0.62%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Cortland at $86,800, the typical annual property tax bill is $569, well below the national median of $2,690. Property taxes in Cortland 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 Cortland'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 Cortland 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
Cortland, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$538
Ownwell’s Cortland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cortland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cortland 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 Cortland, Indiana
Property taxes in Cortland, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cortland is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Cortland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cortland 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 Cortland's effective property tax rate to other areas in Indiana and the national median. For comparison, the highest median property tax rate in Jackson County is 0.62% in the 47228 zip code, while the lowest median tax rate is also 0.62% in the same zip code. Understanding how these areas compare with Cortland provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cortland Tax Rate
0.62%
Average Jackson County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cortland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47228 | 0.32% | 0.49% | 0.62% | 1.49% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Cortland, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cortland, Indiana. 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 Jackson 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 Cortland, 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. The median home price in Cortland is $86,800. 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 Cortland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $569 in the 47228 zip code, which also has the lowest median tax bill at $569.
Average Cortland Assessed Value
$86,800
Average Jackson County Assessed Value
$134,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cortland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47228 | $48,320 | $60,200 | $86,800 | $107,000 | $127,380 |
Source: Ownwell
Property Tax Bills Across Cortland, Indiana
Property tax bills in Cortland, Indiana, are determined based on the assessed value of a property, which is derived from the median home price of $86,800. The local property tax rate is applied to this assessed value to calculate the tax bill. Factors such as property location within Jackson County, property condition, and any applicable exemptions or deductions also play a role in determining the final tax amount. For homeowners in Cortland, the tax bill can vary significantly, with the 25th percentile at $460 and the 75th percentile at $924. At the 90th percentile, the tax bill reaches up to $1,421. These figures indicate that while some homeowners may pay relatively low property taxes, others could face higher bills depending on their property's assessed value and other influencing factors. Compared to the national median property tax rate of 0.99%, Cortland's property tax bills provide a range of financial impacts on its residents.
Average Cortland Tax Bill
$569
Average Jackson County Tax Bill
$1,065
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Cortland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47228 | $173 | $460 | $569 | $924 | $1,421 |
Source: Ownwell