Albany, Indiana Property Taxes
The median property tax rate in Albany, IN is 0.90%, slightly below the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $79,050 in Albany, the typical annual property tax bill is around $835, which is significantly lower than the national median of $2,690. Property taxes in Albany are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Albany'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 Albany or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albany, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$711
Ownwell’s Albany Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Albany, Indiana
Property taxes in Albany, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 0.90%, which is below the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47320 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
0.90%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47320 | 0.57% | 0.69% | 0.90% | 1.24% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Indiana
In Albany, 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 Randolph 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 Albany, 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill in Albany is 47320, with a median tax bill of $835.
Average Albany Assessed Value
$79,050
Average Randolph County Assessed Value
$87,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47320 | $60,650 | $63,000 | $79,050 | $126,250 | $165,350 |
Source: Ownwell
Property Tax Bills Across Albany, Indiana
In Albany, Randolph County, IN, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $79,050. Local tax authorities assess the property's value to determine the tax bill, considering factors like the property's location, size, and condition. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Albany, the 25th percentile tax bill is approximately $461, while the 75th percentile reaches up to $1,416. At the 90th percentile, the tax bill can climb to $2,088. This range shows how property taxes can vary significantly within the community. Compared to the national median property tax rate of 0.99%, Albany homeowners may find their tax rates relatively moderate or higher depending on their property's assessed value. These taxes fund essential public services like schools, emergency services, and infrastructure, directly impacting the quality of life in the community.
Average Albany Tax Bill
$835
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47320 | $340 | $461 | $835 | $1,416 | $2,088 |
Source: Ownwell