Albany, Indiana Property Taxes
The median property tax rate in Albany, Indiana is 0.35%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Albany, the typical annual property tax bill reaches $442, significantly below the national median of $2,690. Property taxes in Albany 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 Albany'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 Albany 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
Albany, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Indiana
Property taxes in Albany, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 0.35%, significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in the state is found in ZIP code 46013 with a rate of 1.1%, while the lowest median tax rate is in ZIP code 47320 at 0.25%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Jay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
0.35%
Average Jay County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47320 | 0.32% | 0.33% | 0.35% | 0.54% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Indiana
In Albany, 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 Jay County Assessor's Office 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 Albany, 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in Albany's 47320 zip code, the median tax bill is $442, which is consistent across the highest and lowest assessed properties. This is relatively modest compared to the national median property tax rate of 0.99%. With a median home price of $102,750, homeowners in Albany should stay informed about their property assessments to ensure fair taxation.
Average Albany Assessed Value
$102,750
Average Jay County Assessed Value
$86,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47320 | $65,480 | $72,275 | $102,750 | $128,900 | $140,780 |
Source: Ownwell
Property Tax Bills Across Albany, Indiana
In Albany, located in Jay County, IN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Albany is $102,750, which serves as a baseline for determining property taxes. The tax bill is derived by applying the local tax rate to the assessed value of the property. Various factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Albany experience varying property tax bills. At the 25th percentile, the tax bill is approximately $374, while at the 75th percentile, it rises to $601. For those at the 90th percentile, the tax bill can reach up to $729. These figures indicate that property taxes in Albany are relatively modest compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in Albany are both $442, as indicated by the zip code 47320. This structure ensures that homeowners contribute fairly based on their property's value, impacting their annual financial planning.
Average Albany Tax Bill
$442
Average Jay County Tax Bill
$724
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47320 | $279 | $374 | $442 | $601 | $729 |
Source: Ownwell