New Palestine, Hancock County, Indiana Property Taxes
Median New Palestine, IN effective property tax rate: 0.74%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median New Palestine, IN home value: $299,150
Median annual New Palestine, IN tax bill: $2,250, $150 lower than the national median property tax bill of $2,400.
How are property taxes in Hancock calculated?
Property taxes in New Palestine, IN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding New Palestine’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Palestine, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Palestine, Hancock County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.74%
Estimate Property Tax Bill
$2,214
$2,054
Property Tax Rates Across New Palestine, Hancock County, Indiana
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective New Palestine Tax Rate
0.74%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Hancock County Tax Rate
0.80%
Median Effective Indiana Tax Rate
0.99%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across New Palestine, Hancock County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46163 | 0.51% | 0.65% | 0.74% | 0.86% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across New Palestine, Hancock County, Indiana
When examining property taxes in New Palestine, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Hancock County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Hancock County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in New Palestine. For example, the median home price in New Palestine is $299,150, with tax bills ranging significantly across the county. Zip code 46163 has the highest median home price at $299,150.
Property Tax Assessment Values Across New Palestine, Hancock County, Indiana
Source: Ownwell
$110,750
$211,525
$312,300
Median New Palestine Market Value
$299,150
Median Hancock County Market Value
$247,000
Median Indiana Market Value
$170,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across New Palestine, Hancock County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46163 | $185,200 | $232,200 | $299,150 | $362,100 | $429,830 |
Source: Ownwell
Property Tax Bills Across New Palestine, Hancock County, Indiana
In New Palestine, Hancock County, Indiana, property tax bills are determined by the assessed value of a home. The local tax rate is applied to this value, resulting in a tax bill. Typically, the assessed value is a percentage of the market value, which can fluctuate based on market conditions. Homeowners in New Palestine face a median property tax bill of $2,250, which is slightly below the national median of $2,400. Factors influencing these bills include property size, location, and improvements made to the home. For homeowners, these taxes can represent a significant yearly expense, impacting overall affordability.
Ownwell assists homeowners by providing property tax appeal services, potentially lowering their tax liabilities. By analyzing local market data and assessment accuracy, Ownwell identifies opportunities for tax reductions. This can lead to substantial savings, particularly for those with bills at the 75th percentile ($2,966) or higher. With expertise and a strategic approach, Ownwell ensures homeowners pay only their fair share, alleviating the financial burden of property taxes.
Median New Palestine Tax Bill
$2,250
Median Hancock County Tax Bill
$2,024
Median Indiana Tax Bill
$1,691
Median United States Tax Bill
$2,400
Property Tax Bills Across New Palestine, Hancock County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46163 | $985 | $1,529 | $2,250 | $2,966 | $3,779 |
Source: Ownwell