Portland, Indiana Property Taxes
The median property tax rate in Portland, Indiana is 0.85%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Portland at $82,150, the typical annual property tax bill is $950, falling below the national median of $2,690. Property taxes in Portland 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 Portland'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 Portland 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
Portland, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$698
Ownwell’s Portland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portland 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 Portland, Indiana
Property taxes in Portland, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portland is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Portland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portland 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 Portland's effective property tax rate to other areas in Randolph County and the national median. For comparison, the ZIP code 47371 has both the highest and lowest median property tax rate of 0.85%. Understanding how these areas compare with Portland 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 Portland Tax Rate
0.85%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47371 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Portland, Indiana
In Portland, 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 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 Portland, 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 Portland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Portland are both $950, found in the zip code 47371.
Average Portland Assessed Value
$82,150
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 Portland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47371 | $58,510 | $67,375 | $82,150 | $96,925 | $105,790 |
Source: Ownwell
Property Tax Bills Across Portland, Indiana
In Portland, Randolph County, IN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value, reflecting what the property might sell for under current market conditions. For homeowners in Portland, the median home price is $82,150. Property tax rates in this area are influenced by various factors, including local government budgets, public service funding needs, and voter-approved measures. Homeowners in Portland can expect property tax bills to vary slightly, but data shows that the 25th, 75th, and 90th percentiles all have a tax bill of $950. This uniformity indicates a stable and predictable tax environment for residents. Compared to the national median property tax rate of 0.99%, Portland's effective property tax rate aligns closely with national averages, providing a balanced financial impact on homeowners. This stability in tax bills helps homeowners better plan their finances and manage their yearly expenses.
Average Portland Tax Bill
$950
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Portland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47371 | $950 | $950 | $950 | $950 | $950 |
Source: Ownwell