New Richmond, Montgomery County, Indiana Property Taxes
The median property tax rate in New Richmond, IN is 0.66%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Richmond at $135,600, the typical annual property tax bill reaches $1,076, falling well below the national median of $2,690. Property taxes in New Richmond 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 Richmond'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 Richmond 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 Richmond, Montgomery County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$895
$830
Ownwell’s New Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Richmond 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 Montgomery County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across New Richmond, Montgomery County, Indiana
Property taxes in New Richmond, Indiana, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Richmond is 0.66%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within New Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Richmond 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 Richmond's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47967 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with New Richmond 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 Richmond Tax Rate
0.66%
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 Richmond, Montgomery County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47967 | 0.44% | 0.52% | 0.66% | 1.02% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across New Richmond, Montgomery County, Indiana
In New Richmond, 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 Montgomery 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 New Richmond, 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 Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,076 in the zip code 47967, reflecting the uniformity in property tax assessments across the area.
Property Tax Assessment Values Across New Richmond, Montgomery County, Indiana
Source: Ownwell
$41,000
$160,550
$280,100
Average New Richmond Assessed Value
$135,600
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 Richmond, Montgomery County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47967 | $64,620 | $89,000 | $135,600 | $224,100 | $317,400 |
Source: Ownwell
Property Tax Bills Across New Richmond, Montgomery County, Indiana
In New Richmond, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value, reflecting both the land and any structures on it. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in New Richmond, the median home price is $135,600, with tax bills ranging from $575 at the 25th percentile to $2,904 at the 90th percentile. The highest median tax bill in Montgomery County is $1,076, which aligns with the national median property tax rate of 0.99%. These tax bills fund essential public services such as schools, infrastructure, and emergency services. For homeowners, understanding how these factors influence their tax bills can help in financial planning and ensuring they are paying a fair amount relative to their property's assessed value.
Average New Richmond Tax Bill
$1,076
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 Richmond, Montgomery County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47967 | $333 | $575 | $1,076 | $1,737 | $2,904 |
Source: Ownwell