Greenwood, Indiana Property Taxes
The median property tax rate in Greenwood, IN is 0.92%, slightly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Greenwood at $258,200, the typical annual property tax bill is $2,553, just below the national median of $2,690. Property taxes in Greenwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenwood'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 Greenwood 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
Greenwood, 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 Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Indiana
Property taxes in Greenwood, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other areas in Johnson County and the national median. For comparison, the 46143 zip code has the highest median property tax rate of 0.93%, while the 46142 zip code has the lowest median tax rate of 0.91%. Understanding how these areas compare with Greenwood provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
0.92%
Average Johnson County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46142 | 0.71% | 0.85% | 0.91% | 0.96% | 1.33% |
| 46143 | 0.71% | 0.87% | 0.93% | 0.99% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Indiana
In Greenwood, 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 Johnson 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 Greenwood, 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. For example, the median home price in Greenwood is $258,200, with the highest median tax bill found in the 46143 zip code at $2,724 and the lowest in the 46142 zip code at $2,280. 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greenwood Assessed Value
$258,200
Average Johnson County Assessed Value
$236,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46142 | $153,100 | $193,300 | $243,600 | $310,150 | $391,300 |
| 46143 | $148,190 | $199,300 | $270,600 | $364,800 | $483,710 |
Source: Ownwell
Property Tax Bills Across Greenwood, Indiana
In Greenwood, Johnson County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Greenwood can expect property tax bills to vary significantly depending on the assessed value of their homes. Factors such as property size, location, and improvements can influence this assessed value. For instance, the median home price in Greenwood is $258,200. Homeowners in the 25th percentile of tax bills might pay around $1,821, while those in the 75th percentile could see bills as high as $3,463. For the top 10% of homes, tax bills can reach up to $4,506. The highest median tax bill is found in the 46143 zip code at $2,724, while the lowest is in the 46142 zip code at $2,280. These property tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it essential to understand how these taxes are calculated and managed.
Average Greenwood Tax Bill
$2,553
Average Johnson County Tax Bill
$2,401
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46142 | $1,168 | $1,746 | $2,280 | $3,072 | $3,896 |
| 46143 | $1,154 | $1,883 | $2,724 | $3,690 | $4,842 |
Source: Ownwell