Middletown, Indiana Property Taxes
The median property tax rate in Middletown, Indiana is 1.03%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Middletown at $149,150, the typical annual property tax bill reaches $1,579, which is below the national median of $2,690. Property taxes in Middletown 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 Middletown'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 Middletown 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
Middletown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,536
Ownwell’s Middletown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Middletown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Middletown 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 Middletown, Indiana
Property taxes in Middletown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middletown is 1.03%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Middletown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middletown 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 Middletown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47356 zip code has the highest median property tax rate of 1.03%, while the 47356 zip code has the lowest median tax rate of 1.03%. Understanding how these cities compare with Middletown provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Middletown Tax Rate
1.03%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middletown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47356 | 0.57% | 0.86% | 1.03% | 1.14% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Middletown, Indiana
In Middletown, 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 Madison 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 Middletown, 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 instance, the highest median tax bill in the area is $1,579 in the 47356 zip code. 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 Middletown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Middletown Assessed Value
$149,150
Average Madison County Assessed Value
$92,550
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Middletown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47356 | $66,010 | $113,050 | $149,150 | $205,525 | $256,520 |
Source: Ownwell
Property Tax Bills Across Middletown, Indiana
In Middletown, located in Madison County, Indiana, property tax bills are calculated based on the assessed value of the property. This assessed value is determined by the local assessor's office and reflects the market value of the property. Once the property's assessed value is established, the tax rate, set by local taxing authorities, is applied to calculate the annual tax bill. Several factors influence the final tax bill. These include the property's location, any applicable exemptions, and the specific tax rate for the area. For instance, homeowners in Middletown can expect their tax bills to vary significantly. The 25th percentile tax bill is approximately $739, while the 75th percentile reaches $2,336, and the 90th percentile can go up to $3,255. Comparatively, the median property tax bill in Middletown stands at $1,579, which is higher than the national median property tax rate of 0.99%. This range of tax bills highlights the impact of property assessments and local tax rates on homeowners, emphasizing the importance of accurate property valuations and potential exemptions.
Average Middletown Tax Bill
$1,579
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Middletown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47356 | $403 | $739 | $1,579 | $2,336 | $3,255 |
Source: Ownwell