Mulberry, Indiana Property Taxes
The median property tax rate in Mulberry, Indiana is 0.61%, notably lower than the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Mulberry at $152,700, the typical annual property tax bill amounts to $976, significantly below the national median of $2,690. Property taxes in Mulberry are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mulberry's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Mulberry or another part of Tippecanoe County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mulberry, 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 Mulberry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mulberry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mulberry 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 Mulberry, Indiana
Property taxes in Mulberry, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mulberry is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Mulberry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mulberry 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 Mulberry's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46058 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Mulberry provides valuable insights into the varying tax landscape across Tippecanoe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mulberry Tax Rate
0.61%
Average Tippecanoe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mulberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46058 | 0.41% | 0.51% | 0.61% | 0.72% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Mulberry, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mulberry, 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 Tippecanoe 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 Mulberry, 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 Mulberry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46058 in Mulberry has both the highest and lowest median tax bill at $976, highlighting the uniformity in tax assessments within the area.
Average Mulberry Assessed Value
$152,700
Average Tippecanoe County Assessed Value
$169,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mulberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46058 | $98,740 | $124,700 | $152,700 | $206,100 | $236,760 |
Source: Ownwell
Property Tax Bills Across Mulberry, Indiana
Property tax bills in Mulberry, located in Tippecanoe County, IN, are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For instance, the median home price in Mulberry is $152,700. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property characteristics, neighborhood values, and any applicable exemptions. Homeowners in Mulberry can expect tax bills ranging from $762 at the 25th percentile to $1,800 at the 90th percentile. The median tax bill in the area is $976, which is slightly below the national median property tax rate of 0.99%. These property taxes fund essential local services such as public schools, infrastructure, and emergency services, directly affecting the quality of life for Mulberry residents. Understanding how these taxes are calculated helps homeowners manage their finances and ensures they are prepared for their annual obligations.
Average Mulberry Tax Bill
$976
Average Tippecanoe County Tax Bill
$1,655
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mulberry, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46058 | $605 | $762 | $976 | $1,555 | $1,800 |
Source: Ownwell