North Salem, Indiana Property Taxes
The median property tax rate in North Salem, IN is 0.68%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in North Salem at $143,800, the typical annual property tax bill amounts to $1,097, well below the national median of $2,690. Property taxes in North Salem 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 North Salem'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 North Salem 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
North Salem, 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 North Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Salem 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 North Salem, Indiana
Property taxes in North Salem, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Salem is 0.68%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within North Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Salem 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 North Salem's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46165 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 North Salem provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Salem Tax Rate
0.68%
Average Putnam County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Salem, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46165 | 0.52% | 0.61% | 0.68% | 0.84% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across North Salem, Indiana
In North Salem, 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 Putnam 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 North Salem, 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 North Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46165 has the highest and lowest median tax bill, both at $1,097, reflecting the uniformity in the tax assessment process in this area.
Average North Salem Assessed Value
$143,800
Average Putnam County Assessed Value
$120,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Salem, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46165 | $116,500 | $135,900 | $143,800 | $163,350 | $206,500 |
Source: Ownwell
Property Tax Bills Across North Salem, Indiana
In North Salem, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Homeowners in North Salem can expect a range of property tax bills depending on the value of their homes. For instance, the 25th percentile tax bill is around $806, while the 75th percentile reaches up to $1422, and the 90th percentile can be as high as $1694. The median home price in the area is $143,800, which helps to give a clearer picture of what homeowners might expect to pay. Compared to the national median property tax rate of 0.99%, North Salem's property tax rates are competitive and can significantly impact a homeowner's annual budget. Understanding these factors can help residents better anticipate their financial obligations.
Average North Salem Tax Bill
$1,097
Average Putnam County Tax Bill
$978
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across North Salem, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46165 | $658 | $806 | $1,097 | $1,422 | $1,694 |
Source: Ownwell