Grandview, Indiana Property Taxes
The median property tax rate in Grandview, IN is 0.65%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Grandview at $91,750, the typical annual property tax bill amounts to $563, well below the national median of $2,690. Property taxes in Grandview 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 Grandview'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 Grandview or another part of Spencer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grandview, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$596
Ownwell’s Grandview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grandview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grandview 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 Grandview, Indiana
Property taxes in Grandview, Indiana, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Grandview stands at 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Grandview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grandview estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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 Grandview's effective property tax rate to other areas and the national median. For comparison, the zip code 47615 has both the highest and lowest median property tax rate in the region, standing at 0.65%. Understanding how these areas compare with Grandview provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grandview Tax Rate
0.65%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grandview, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47615 | 0.32% | 0.47% | 0.65% | 1.20% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Grandview, Indiana
In Grandview, 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 Spencer 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 Grandview, 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 Grandview 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 are both $563.00, found in zip code 47615.
Average Grandview Assessed Value
$91,750
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grandview, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47615 | $15,490 | $41,825 | $91,750 | $137,525 | $185,200 |
Source: Ownwell
Property Tax Bills Across Grandview, Indiana
Property tax bills in Grandview, located in Spencer County, Indiana, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and should reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. In Grandview, the median home price is $91,750, and the tax rate reflects local budgetary needs and public service funding. Several factors influence the property tax bill, including property improvements, market trends, and any applicable exemptions. For example, homeowners may qualify for exemptions that reduce their taxable value, thus lowering their tax bill. In Grandview, tax bills vary significantly, with the 25th percentile at $256 and the 75th percentile at $978. The highest median tax bill in the area is $563, which is significantly lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their overall housing costs, making it crucial to understand how these rates are determined and how they can be managed effectively.
Average Grandview Tax Bill
$563
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Grandview, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47615 | $119 | $256 | $563 | $978 | $1,610 |
Source: Ownwell