Miami, Indiana Property Taxes
The median property tax rate in Miami, IN is 1.14%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Miami, the typical annual property tax bill reaches $252, which is notably below the national median of $2,690. Property taxes in Miami 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 Miami'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 Miami or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Miami, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$491
-$5,149
Ownwell’s Miami Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Miami with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Miami 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 Miami, Indiana
Property taxes in Miami, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Miami is 1.14%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Miami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miami 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 Miami's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46959 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Miami 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 Miami Tax Rate
1.14%
Average Miami County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miami, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46959 | 0.28% | 0.31% | 1.14% | 1.37% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Miami, Indiana
In Miami, 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 local 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 Miami, 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 Miami helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46959 has the highest median tax bill of $252.00.
Average Miami Assessed Value
$43,100
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 Miami, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46959 | $6,900 | $22,375 | $43,100 | $58,175 | $76,700 |
Source: Ownwell
Property Tax Bills Across Miami, Indiana
In Miami, Indiana, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Miami County can expect property tax bills to vary significantly depending on the value of their homes. For instance, the median home price in the area is $43,100. Tax bills also fluctuate within different percentiles: the 25th percentile tax bill is around $135, while at the 75th percentile, it reaches approximately $504. The top 10% of tax bills can go up to $816. These figures indicate a broad range of property tax liabilities, reflecting the diversity in property values within the county. Compared to the national median property tax rate of 0.99%, Miami County's property tax rates can be relatively lower, offering some relief to homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Miami Tax Bill
$252
Average Miami County Tax Bill
$709
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Miami, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46959 | $57 | $135 | $252 | $504 | $816 |
Source: Ownwell