Shelbyville, Indiana Property Taxes
The median property tax rate in Shelbyville, IN is 0.93%, slightly 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 $139,900, the typical annual property tax bill comes to $1,313, which is below the national median of $2,690. Property taxes in Shelbyville 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 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
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Shelbyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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 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 Shelbyville, Indiana
Property taxes in Shelbyville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelbyville is 0.93%, slightly lower than 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 both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Shelbyville 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 Shelbyville Tax Rate
0.93%
Average Shelby County Tax Rate
0.85%
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 | 0.51% | 0.71% | 0.93% | 1.24% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Shelbyville, Indiana
In Shelbyville, 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 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. 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 Shelbyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Shelbyville is $1,313 in the 46176 zip code, while the lowest median tax bill is also $1,313 in the same zip code.
Average Shelbyville Assessed Value
$139,900
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 Shelbyville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46176 | $65,390 | $90,200 | $139,900 | $201,900 | $282,200 |
Source: Ownwell
Property Tax Bills Across Shelbyville, Indiana
Property tax bills in Shelbyville, Shelby County, IN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $139,900, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill stands at $848, while the 75th percentile reaches $1,936, and the 90th percentile can go up to $2,856. These figures illustrate the range of property tax burdens that homeowners might face. The highest and lowest median tax bill in the area both stand at $1,313, highlighting a level of consistency within the zip code 46176. Compared to the national median property tax rate of 0.99%, Shelbyville’s property tax rates can significantly impact homeowners, influencing their financial planning and long-term investment in property.
Average Shelbyville Tax Bill
$1,313
Average Shelby County Tax Bill
$1,312
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 | $434 | $848 | $1,313 | $1,936 | $2,856 |
Source: Ownwell