Morgantown, Johnson County, Indiana Property Taxes
The median property tax rate in Morgantown, IN is 1.10%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Morgantown at $263,100, the typical annual property tax bill reaches $2,747, surpassing the national median of $2,690. Property taxes in Morgantown 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 Morgantown'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 Morgantown or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morgantown, Johnson County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,894
$2,686
Ownwell’s Morgantown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morgantown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morgantown 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 Morgantown, Johnson County, Indiana
Property taxes in Morgantown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morgantown is 1.10%, which is higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Morgantown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgantown 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 Morgantown's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46160 has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Morgantown 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 Morgantown Tax Rate
1.10%
Average Johnson County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morgantown, Johnson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46160 | 0.65% | 0.78% | 1.10% | 1.31% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Morgantown, Johnson County, Indiana
In Morgantown, 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 Morgantown, 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 Morgantown is $263,100, with tax bills ranging from $1,800 at the 25th percentile to $6,040 at the 90th percentile. 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 Morgantown, Johnson County, Indiana
Source: Ownwell
$123,700
$225,575
$327,450
Average Morgantown Assessed Value
$263,100
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 Morgantown, Johnson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46160 | $130,220 | $190,500 | $263,100 | $365,100 | $481,360 |
Source: Ownwell
Property Tax Bills Across Morgantown, Johnson County, Indiana
In Morgantown, located in Johnson County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as the property's market value, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Morgantown, the tax bill can vary significantly. The 25th percentile tax bill is around $1,800, while the 75th percentile tax bill reaches up to $4,168. At the 90th percentile, homeowners may see tax bills as high as $6,040. These figures highlight the range of property taxes within the area, influenced by the home's assessed value and the applicable tax rate. Comparatively, the national median property tax rate is 0.99%, which can provide a benchmark for understanding how Morgantown's property taxes align with the broader national landscape. Homeowners in Morgantown should be aware of these factors as they directly impact their annual expenses and the overall affordability of owning property in the area.
Average Morgantown Tax Bill
$2,747
Average Johnson County Tax Bill
$2,401
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgantown, Johnson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46160 | $1,038 | $1,800 | $2,747 | $4,168 | $6,040 |
Source: Ownwell