Medora, Indiana Property Taxes
The median property tax rate in Medora, IN is 0.80%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $69,200, the typical annual property tax bill in Medora is $568, significantly below the national median of $2,690. Property taxes in Medora are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Medora'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 Medora 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
Medora, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$554
Ownwell’s Medora Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Medora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medora to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in trends at the neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Medora, Indiana
Property taxes in Medora, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medora is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Medora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medora 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 Medora's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47260 has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Medora 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 Medora Tax Rate
0.80%
Average Jackson County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47260 | 0.34% | 0.54% | 0.80% | 1.69% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Medora, Indiana
In Medora, 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 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 Medora, 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 Medora is $69,200, with tax bills ranging from $294 at the 25th percentile to $1,083 at the 75th percentile, and up to $1,892 at the 90th percentile. 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 Medora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Medora Assessed Value
$69,200
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 Medora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47260 | $17,000 | $43,500 | $69,200 | $113,175 | $166,030 |
Source: Ownwell
Property Tax Bills Across Medora, Indiana
Property tax bills in Medora, located in Jackson County, Indiana, are calculated based on the assessed value of a home and the local tax rate. The process begins with the county assessor determining the assessed value of the property, which is typically a percentage of the market value. For homeowners in Medora, the median home price stands at $69,200. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. In Medora, the tax bill can vary significantly, with the 25th percentile at $294 and the 75th percentile reaching $1,083. At the higher end, the 90th percentile tax bill can be as much as $1,892. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, Medora's property taxes are relatively moderate, making it an appealing place for homeowners seeking affordable living costs.
Average Medora Tax Bill
$568
Average Jackson County Tax Bill
$1,065
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Medora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47260 | $147 | $294 | $568 | $1,083 | $1,892 |
Source: Ownwell