Midway, Indiana Property Taxes
The median property tax rate in Midway, Indiana is 1.12%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Midway, the typical annual property tax bill reaches $30, which is significantly lower than the national median of $2,690. Property taxes in Midway are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Midway'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 Midway 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
Midway, 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 Midway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway 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 Spencer County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Midway, Indiana
Property taxes in Midway, Indiana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway is 1.12%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Midway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway 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 Midway's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47601 zip code has the highest median property tax rate of 1.12%, while the 47601 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Midway 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 Midway Tax Rate
1.12%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47601 | 1.12% | 1.12% | 1.12% | 1.59% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Midway, Indiana
In Midway, 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 Midway, 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. For example, the zip code with the highest tax bills sees amounts around $2,218, while the lowest is around $27. 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 Midway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midway Assessed Value
$2,700
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 Midway, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47601 | $2,220 | $2,400 | $2,700 | $68,600 | $108,140 |
Source: Ownwell
Property Tax Bills Across Midway, Indiana
In Midway, Spencer County, IN, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and represents the market value of the home. This value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements made. For instance, a median home price in Midway is $2,700, and tax bills can vary significantly. Homeowners in the 25th percentile pay around $27 annually, while those in the 75th percentile pay approximately $1,398. The top 10% of homeowners face tax bills as high as $2,218. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services. Homeowners must budget for these expenses, as they can significantly impact the overall cost of owning property in Midway. Comparatively, the national median property tax rate is 0.99%, highlighting the variability in property tax burdens across different regions.
Average Midway Tax Bill
$30
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47601 | $25 | $27 | $30 | $1,398 | $2,218 |
Source: Ownwell