Martinsville, Monroe County, Indiana Property Taxes
Median Martinsville, IN effective property tax rate: 0.66%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Martinsville, IN home value: $190,850
Median annual Martinsville, IN tax bill: $1,013, $1,387 lower than the national median property tax bill of $2,400.
How are property taxes in Monroe calculated?
Property taxes in Martinsville, IN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Martinsville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Martinsville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Martinsville, Monroe County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.66%
Estimate Property Tax Bill
$1,260
$1,169
Property Tax Rates Across Martinsville, Monroe County, Indiana
Local government entities set tax rates, leading to significant variations within a state. Each year, counties estimate their required budgets to provide essential services and divide that by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. While the process involves votes and legislation, this is the basic annual procedure.
Martinsville, located in Monroe County, Indiana, presents an intriguing case study in property tax rates. With an effective property tax rate of 0.66%, it stands out when compared to the national median property tax rate of 1.02%. This lower rate can offer significant savings for property owners in Martinsville.
By understanding how these rates are set and how they compare to both state and national averages, property owners can make informed decisions about their investments. Comparing Martinsville’s effective property tax rate to other cities in Indiana and the median rates in the state and the U.S. provides valuable insights for homeowners and potential buyers. This knowledge is crucial for those looking to optimize their property tax expenses and maximize their investment returns.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Martinsville Tax Rate
0.66%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Monroe County Tax Rate
0.90%
Median Effective Indiana Tax Rate
0.99%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Martinsville, Monroe County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | 0.49% | 0.55% | 0.66% | 0.92% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Martinsville, Monroe County, Indiana
When examining property taxes in Martinsville, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Monroe County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Monroe County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Martinsville. For example, the median home price in Martinsville is $190,850, with tax bills ranging significantly across the county. Zip code 46151 has the highest median home price at $190,850.
Property Tax Assessment Values Across Martinsville, Monroe County, Indiana
Source: Ownwell
$83,500
$212,850
$342,200
Median Martinsville Market Value
$190,850
Median Monroe County Market Value
$243,500
Median Indiana Market Value
$170,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Martinsville, Monroe County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | $47,450 | $83,175 | $190,850 | $236,075 | $262,840 |
Source: Ownwell
Property Tax Bills Across Martinsville, Monroe County, Indiana
In Martinsville, located in Monroe County, Indiana, property tax bills are calculated based on the assessed value of a home. With a median home price of $190,850, homeowners typically face a property tax bill that reflects the area's tax rate and the assessed value of their property. The tax bill in Martinsville can vary significantly, with the 25th percentile at $680 and the 90th percentile reaching $2,016. This range highlights the impact of different property values and tax rates on homeowners' expenses. Compared to the national median property tax rate of 1.02%, Martinsville's tax bills can be a financial burden for some homeowners, especially those with properties assessed at higher values.
Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By evaluating property assessments and identifying potential inaccuracies, Ownwell helps homeowners potentially reduce their tax bills. This service is crucial for those looking to manage their expenses effectively and ensure they are not overpaying on their property taxes.
Median Martinsville Tax Bill
$1,013
Median Monroe County Tax Bill
$2,375
Median Indiana Tax Bill
$1,691
Median United States Tax Bill
$2,400
Property Tax Bills Across Martinsville, Monroe County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | $420 | $680 | $1,013 | $1,668 | $2,016 |
Source: Ownwell