Norman, Indiana Property Taxes
The median property tax rate in Norman, IN is 0.68%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Norman at $203,900, the typical annual property tax bill is $1,433, which is below the national median of $2,690. Property taxes in Norman are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Norman'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 Norman 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
Norman, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,387
-$14,531
Ownwell’s Norman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norman 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 Norman, Indiana
Property taxes in Norman, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norman is 0.68%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Norman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norman 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 Norman's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47264 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Norman provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norman Tax Rate
0.68%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47264 | 0.40% | 0.59% | 0.68% | 0.77% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Norman, Indiana
In Norman, 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 Monroe County Assessor's Office 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 Norman, 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 median home price in Norman is $203,900, with tax bills ranging from $940 at the 25th percentile to $3,085 at the 90th percentile. The zip code with the highest and lowest median tax bill is 47264, with a median tax bill of $1,433. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage the tax burden.
Average Norman Assessed Value
$203,900
Average Monroe County Assessed Value
$243,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47264 | $131,800 | $160,550 | $203,900 | $281,150 | $309,600 |
Source: Ownwell
Property Tax Bills Across Norman, Indiana
In Norman, Monroe County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is a percentage of the market value of the property. Homeowners in Norman can expect their property tax bill to be influenced by several factors, including the median home price of $203,900. For context, the national median property tax rate is 0.99%, which can help homeowners gauge how their local rates compare. Tax bills in Norman show significant variation. At the 25th percentile, homeowners might pay around $940, while those at the 75th percentile could see bills as high as $2,368. The top 10% of property tax bills can reach up to $3,085. These variations arise from differences in property values and applicable exemptions or deductions. For instance, the highest median tax bill in the area is $1,433, which can be a useful benchmark for understanding local tax obligations. Understanding these factors helps homeowners anticipate their annual property tax expenses and plan accordingly.
Average Norman Tax Bill
$1,433
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Norman, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47264 | $490 | $940 | $1,433 | $2,368 | $3,085 |
Source: Ownwell