Economy, Indiana Property Taxes
The median property tax rate in Economy, Indiana is 1.09%, slightly above both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Economy at $97,200, the typical annual property tax bill reaches $1,178, which is below the national median of $2,690. Property taxes in Economy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Economy'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 Economy or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Economy, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,059
Ownwell’s Economy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Economy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Economy 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 Economy, Indiana
Property taxes in ECONOMY, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in ECONOMY is 1.09%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within ECONOMY set these rates annually, and they can vary significantly across different neighborhoods. Each year, ECONOMY 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 ECONOMY's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47339 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with ECONOMY provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Economy Tax Rate
1.09%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Economy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47339 | 0.56% | 0.80% | 1.09% | 1.66% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Economy, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Economy, Indiana. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Wayne 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 Economy, 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. For instance, the median home price in Economy is $97,200, with tax bills ranging from $535 at the 25th percentile to $3,731 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Economy Assessed Value
$97,200
Average Wayne County Assessed Value
$92,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Economy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47339 | $41,940 | $62,500 | $97,200 | $170,500 | $262,700 |
Source: Ownwell
Property Tax Bills Across Economy, Indiana
In the city of Economy, located in Wayne County, IN, property tax bills are calculated based on the assessed value of the home 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 property tax bill. For homeowners in Economy, the median home price is $97,200, which provides a reference point for understanding property tax obligations. Property tax bills can vary significantly, with the 25th percentile paying around $535 and the 75th percentile paying approximately $2,042. At the 90th percentile, tax bills can reach up to $3,731. These property taxes directly impact homeowners by influencing their overall housing costs. While the highest and lowest median tax bills in the area both stand at $1,178 in the 47339 zip code, this is still below the national median property tax rate of 0.99%, making Economy relatively affordable for property owners.
Average Economy Tax Bill
$1,178
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Economy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47339 | $358 | $535 | $1,178 | $2,042 | $3,731 |
Source: Ownwell