Martinsville, Johnson County, Indiana Property Taxes
The median property tax rate in Martinsville, IN is 1.19%, notably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Martinsville at $262,450, the typical annual property tax bill reaches $5,843, significantly exceeding the national median of $2,690. Property taxes in Martinsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Martinsville'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 Martinsville 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
Martinsville, Johnson County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$3,123
$2,898
Ownwell’s Martinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martinsville 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 Martinsville, Johnson County, Indiana
Property taxes in Martinsville, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Martinsville is 0.87%, which is slightly lower than the Indiana state median of 0.94% and also below the U.S. national median of 0.99%. Local government entities within Martinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martinsville 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 Martinsville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46151 zip code has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Martinsville provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martinsville Tax Rate
1.19%
Average Johnson County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martinsville, Johnson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | 0.75% | 1.07% | 1.19% | 1.37% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Martinsville, Johnson County, Indiana
In Martinsville, 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 Appraisal District 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 Martinsville, 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. For instance, the median home price in Martinsville is approximately $262,450, with tax bills ranging from $1,977 at the 25th percentile to $11,820 at the 90th percentile. The zip code 46151 has the highest and lowest median tax bill at $5,843. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Martinsville, Johnson County, Indiana
Source: Ownwell
$123,700
$225,575
$327,450
Average Martinsville Assessed Value
$262,450
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 Martinsville, Johnson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | $115,560 | $180,275 | $262,450 | $561,900 | $826,670 |
Source: Ownwell
Property Tax Bills Across Martinsville, Johnson County, Indiana
In Martinsville, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or modifications made to the property. For homeowners in Martinsville, the median home price stands at $262,450. Property tax bills can vary significantly, with the 25th percentile tax bill being $1,977 and the 75th percentile reaching $7,142. At the 90th percentile, homeowners might see a tax bill as high as $11,820. These variations can impact homeowners differently, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, the property taxes in Martinsville can be relatively high, significantly affecting the financial planning and budgeting for local homeowners. Understanding these factors is crucial for effectively managing property tax obligations.
Average Martinsville Tax Bill
$5,843
Average Johnson County Tax Bill
$2,401
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Martinsville, Johnson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | $1,291 | $1,977 | $5,843 | $7,142 | $11,820 |
Source: Ownwell