Macy, Indiana Property Taxes
The median property tax rate in Macy, Indiana is 0.68%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Macy, the typical annual property tax bill reaches $620, significantly less than the national median of $2,690. Property taxes in Macy 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 Macy'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 Macy 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
Macy, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$681
-$7,137
Ownwell’s Macy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Macy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Macy 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 Macy, Indiana
Property taxes in Macy, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Macy is 0.68%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Macy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Macy 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 Macy's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46951 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Macy provides valuable insights into the varying tax landscape across Miami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Macy Tax Rate
0.68%
Average Miami County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Macy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46951 | 0.29% | 0.44% | 0.68% | 1.20% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Macy, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Macy, Indiana. 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 Miami 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 Macy, 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 Macy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Macy is $100,150, with the highest median tax bill being $620 in the 46951 zip code.
Average Macy Assessed Value
$100,150
Average Miami County Assessed Value
$92,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Macy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46951 | $20,450 | $52,425 | $100,150 | $156,625 | $239,610 |
Source: Ownwell
Property Tax Bills Across Macy, Indiana
In Macy, located in Miami County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Several factors influence this value, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, in Macy, the tax bill for homes at the 25th percentile is around $268, while homes at the 75th percentile see tax bills closer to $1,202. At the 90th percentile, homeowners can expect to pay about $2,166. These figures highlight the variability in tax bills within the community, reflecting differences in property values and assessments. Comparatively, the national median property tax rate is 0.99%, making Macy's rates competitive. Homeowners should be aware of these factors as they directly impact annual expenses and overall affordability of homeownership in the area.
Average Macy Tax Bill
$620
Average Miami County Tax Bill
$709
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Macy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46951 | $149 | $268 | $620 | $1,202 | $2,166 |
Source: Ownwell