Needham, Shelby County, Indiana Property Taxes
The median property tax rate in Needham, Indiana is 0.77%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Needham at $146,950, the typical annual property tax bill amounts to $1,087, which is significantly less than the national median of $2,690. Property taxes in Needham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Needham'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 Needham 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
Needham, Shelby County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,132
$1,050
Ownwell’s Needham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Needham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Needham 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 Needham, Shelby County, Indiana
Property taxes in Needham, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Needham is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Needham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Needham 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 Needham's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46162 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Needham provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Needham Tax Rate
0.77%
Average Shelby County Tax Rate
0.85%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Needham, Shelby County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46162 | 0.52% | 0.65% | 0.77% | 1.31% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Needham, Shelby County, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Needham, 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 Shelby County Assessor's Office 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 Needham, 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 Needham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Needham is 46162, both at $1087.
Property Tax Assessment Values Across Needham, Shelby County, Indiana
Source: Ownwell
$79,800
$172,375
$264,950
Average Needham Assessed Value
$146,950
Average Shelby County Assessed Value
$152,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Needham, Shelby County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46162 | $12,580 | $34,850 | $146,950 | $242,425 | $346,600 |
Source: Ownwell
Property Tax Bills Across Needham, Shelby County, Indiana
In Needham, Shelby County, Indiana, property tax bills are determined based on the assessed value of a home, which is derived from its market value. The median home price in Needham is $146,950. Homeowners in this area experience a range of property tax bills, with the 25th percentile paying around $289 annually, while those in the 75th percentile face bills of approximately $1,824. At the higher end, the 90th percentile can see tax bills reaching up to $2,696. Several factors contribute to the calculation of these tax bills, including the local tax rate and any applicable exemptions or deductions. The assessed value of the property is multiplied by the local tax rate to determine the final bill. For comparison, the national median property tax rate is 0.99%, which can help homeowners understand how their local rates stack up against the broader U.S. landscape. Understanding these factors is crucial for homeowners as property taxes can significantly impact their annual financial planning and overall cost of homeownership.
Average Needham Tax Bill
$1,087
Average Shelby County Tax Bill
$1,312
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Needham, Shelby County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46162 | $133 | $289 | $1,087 | $1,824 | $2,696 |
Source: Ownwell