Marengo, Indiana Property Taxes
The median property tax rate in Marengo, Indiana is 0.72%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $100,900 in Marengo, the typical annual property tax bill amounts to $689, well below the national median of $2,690. Property taxes in Marengo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Marengo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Marengo or another part of Orange County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marengo, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$726
Ownwell’s Marengo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marengo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marengo 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 Marengo, Indiana
Property taxes in Marengo, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marengo is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Marengo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marengo 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 Marengo's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47140 has the highest median property tax rate of 0.72%, while the lowest median tax rate is also 0.72%. Understanding how these cities compare with Marengo provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marengo Tax Rate
0.72%
Average Orange County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marengo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47140 | 0.37% | 0.53% | 0.72% | 1.38% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Marengo, Indiana
In Marengo, 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 Orange 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 Marengo, 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 Marengo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47140 in Marengo has both the highest and lowest median tax bill at $689, which provides a clear benchmark for local property owners.
Average Marengo Assessed Value
$100,900
Average Orange County Assessed Value
$102,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marengo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47140 | $23,760 | $61,500 | $100,900 | $141,500 | $201,700 |
Source: Ownwell
Property Tax Bills Across Marengo, Indiana
In Marengo, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Marengo, the median home price stands at $100,900. Various factors such as property size, location, and improvements can influence the assessed value. For instance, homeowners in the 25th percentile pay approximately $371 annually, while those in the 75th percentile see tax bills around $1,274. At the higher end, the 90th percentile tax bill reaches up to $2,000. Compared to the national median property tax rate of 0.99%, Marengo's rates can be relatively modest, providing some financial relief to homeowners. However, individual tax bills can vary significantly, affecting household budgets differently based on the property's assessed value and the local tax rate.
Average Marengo Tax Bill
$689
Average Orange County Tax Bill
$783
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Marengo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47140 | $196 | $371 | $689 | $1,274 | $2,000 |
Source: Ownwell