New Ross, Montgomery County, Indiana Property Taxes
The median property tax rate in New Ross, IN is 0.60%, 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 Ross, the typical annual property tax bill reaches $1,055, well below the national median of $2,690. Property taxes in New Ross are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Ross'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 Ross or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Ross, Montgomery County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$992
$920
Ownwell’s New Ross Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Ross with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Ross 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 Ross, Montgomery County, Indiana
Property taxes in New Ross, 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 Ross is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within New Ross set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Ross 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 Ross's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47968 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with New Ross 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 Ross Tax Rate
0.60%
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 Ross, Montgomery County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47968 | 0.36% | 0.48% | 0.60% | 0.93% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across New Ross, Montgomery County, Indiana
In New Ross, 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 Ross, 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. The median home price in New Ross is $165,300, with tax bills ranging from $614 at the 25th percentile to $2,597 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New Ross, Montgomery County, Indiana
Source: Ownwell
$41,000
$160,550
$280,100
Average New Ross Assessed Value
$165,300
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 Ross, Montgomery County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47968 | $64,000 | $104,825 | $165,300 | $254,225 | $331,210 |
Source: Ownwell
Property Tax Bills Across New Ross, Montgomery County, Indiana
In New Ross, Montgomery County, IN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. The median home price in New Ross is $165,300, with property tax bills ranging from the 25th percentile at $614 to the 90th percentile at $2,597. The median tax bill stands at $1,055, which is higher than the national median property tax rate of 0.99%. Homeowners in New Ross can expect their tax bills to vary based on factors such as property size, location, and any applicable exemptions. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Understanding how these factors interplay is crucial for homeowners to anticipate their financial obligations and plan accordingly.
Average New Ross Tax Bill
$1,055
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 Ross, Montgomery County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47968 | $296 | $614 | $1,055 | $1,850 | $2,597 |
Source: Ownwell