Shelbyville, Indiana Property Taxes
The median property tax rate in Shelbyville, Indiana is 0.69%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Shelbyville at $196,800, the typical annual property tax bill reaches $1,354, well below the national median of $2,690. Property taxes in Shelbyville 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 Shelbyville'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 Shelbyville 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
Shelbyville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,358
Ownwell’s Shelbyville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Shelbyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelbyville to project your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in exploring trends at a neighborhood level, further localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Shelbyville, Indiana
Property taxes in Shelbyville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelbyville is 0.69%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Shelbyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelbyville 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 Shelbyville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46176 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these areas compare with Shelbyville provides valuable insights into the varying tax landscape across Rush County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelbyville Tax Rate
0.69%
Average Rush County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelbyville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46176 | 0.63% | 0.65% | 0.69% | 0.79% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Shelbyville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Shelbyville, Indiana. 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 Rush 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 Shelbyville, 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. The median home price in Shelbyville is $196,800, with tax bills ranging from $1,093 at the 25th percentile to $2,745 at the 90th percentile. The highest and lowest median tax bills are both $1,354, specifically in the 46176 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shelbyville Assessed Value
$196,800
Average Rush County Assessed Value
$138,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelbyville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46176 | $147,520 | $166,000 | $196,800 | $272,750 | $318,320 |
Source: Ownwell
Property Tax Bills Across Shelbyville, Indiana
Property tax bills in Shelbyville, located in Rush County, Indiana, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor, who evaluates the market value of the home and applies an assessment ratio to derive the taxable value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements made. For example, in Shelbyville, the median home price is $196,800, resulting in varied tax bills across different percentiles. Homeowners at the 25th percentile pay around $1,093, while those at the 75th percentile see bills of about $2,223. The highest median tax bill in the area is $1,354, matching the lowest, indicating a uniform rate within the zip code 46176. These property taxes significantly impact homeowners by contributing to local services like schools, infrastructure, and public safety, ensuring a well-maintained community.
Average Shelbyville Tax Bill
$1,354
Average Rush County Tax Bill
$1,215
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelbyville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46176 | $936 | $1,093 | $1,354 | $2,223 | $2,745 |
Source: Ownwell