New Market, Indiana Property Taxes
The median property tax rate in New Market, IN is 0.62%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Market at $114,100, the typical annual property tax bill is $725, which is well below the national median of $2,690. Property taxes in New Market 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 New Market'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 New Market 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
New Market, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s New Market Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Market with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Market 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 New Market, Indiana
Property taxes in New Market, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Market is 0.62%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within New Market set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Market 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 New Market's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47965 zip code has both the highest and lowest median property tax rate of 0.62%, illustrating a consistent tax rate within Montgomery County. Understanding how these areas compare with New Market provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Market Tax Rate
0.62%
Average Montgomery County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Market, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47965 | 0.28% | 0.48% | 0.62% | 0.83% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across New Market, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in New Market, 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 Montgomery 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 New Market, 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 New Market helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 47965, at $725, which is also the lowest median tax bill in the area.
Average New Market Assessed Value
$114,100
Average Montgomery County Assessed Value
$158,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Market, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47965 | $62,900 | $89,150 | $114,100 | $143,600 | $193,020 |
Source: Ownwell
Property Tax Bills Across New Market, Indiana
In New Market, Montgomery County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Various factors influence this value, including the home's size, age, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in New Market face a range of property tax bills. For example, the 25th percentile tax bill is $424, while the 75th percentile tax bill is $1,219. At the higher end, the 90th percentile tax bill reaches $1,904. These figures indicate significant variability depending on property characteristics and assessed values. With the national median property tax rate at 0.99%, New Market homeowners may find their tax rates relatively comparable or slightly varied, depending on their property's specifics. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual housing costs.
Average New Market Tax Bill
$725
Average Montgomery County Tax Bill
$1,357
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Market, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47965 | $240 | $424 | $725 | $1,219 | $1,904 |
Source: Ownwell