New Palestine, Shelby County, Indiana Property Taxes
The median property tax rate in New Palestine, IN is 0.66%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $180,900, the typical annual property tax bill in New Palestine amounts to $1,263, significantly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding New Palestine'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 New Palestine or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Palestine, Shelby County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,194
$1,108
Ownwell’s New Palestine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Palestine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Palestine 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 New Palestine, Shelby County, Indiana
Property taxes in New Palestine, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Palestine is 0.66%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within New Palestine set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Palestine 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 New Palestine's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46163 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with New Palestine 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 New Palestine Tax Rate
0.66%
Average Shelby County Tax Rate
0.85%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Palestine, Shelby County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46163 | 0.54% | 0.60% | 0.66% | 0.76% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across New Palestine, Shelby County, Indiana
In New Palestine, 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 Shelby 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 New Palestine, 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 New Palestine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $1,263 in the zip code 46163, highlighting the uniformity in tax burdens across the region.
Property Tax Assessment Values Across New Palestine, Shelby County, Indiana
Source: Ownwell
$79,800
$172,375
$264,950
Average New Palestine Assessed Value
$180,900
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 New Palestine, Shelby County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46163 | $137,400 | $154,500 | $180,900 | $270,800 | $447,640 |
Source: Ownwell
Property Tax Bills Across New Palestine, Shelby County, Indiana
In New Palestine, property tax bills are calculated based on the assessed value of a home, which is determined by the Shelby County Assessor's office. The assessed value is a percentage of the market value of the property. Various factors influence this value, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to determine the tax bill. For homeowners in New Palestine, the median home price is $180,900. Property tax bills can vary significantly, with the 25th percentile paying around $946 annually, while those in the 75th percentile pay approximately $2,099. At the higher end, the 90th percentile sees tax bills reaching up to $3,523. Compared to the national median property tax rate of 0.99%, New Palestine's rates can be relatively moderate or high, depending on the specific property. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly.
Average New Palestine Tax Bill
$1,263
Average Shelby County Tax Bill
$1,312
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Palestine, Shelby County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46163 | $768 | $946 | $1,263 | $2,099 | $3,523 |
Source: Ownwell