Redkey, Jay County, Indiana Property Taxes
Median Redkey, IN effective property tax rate: 0.76%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Redkey, IN home value: $61,750
Median annual Redkey, IN tax bill: $596, $1,804 lower than the national median property tax bill of $2,400.
How are property taxes in Jay County calculated?
Property taxes in Redkey, 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 Redkey’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Redkey, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Redkey, Jay County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.76%
Estimate Property Tax Bill
$469
$435
Property Tax Rates Across Redkey, Jay County, Indiana
Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county estimates its required budget annually to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell.
In Redkey, located in Jay County, the effective property tax rate is a crucial factor for homeowners to consider. Comparing Redkey’s rate to other cities in Indiana and the median property tax rates in Indiana and the U.S. can provide valuable insights for property owners. Indiana’s median tax rate is lower than the national median property tax rate of 1.02%, making it an attractive state for homeowners seeking lower property taxes. Understanding these rates can help homeowners make informed decisions about property investments and tax appeal opportunities. By staying informed about local tax rates and comparing them to state and national averages, property owners in Redkey can better manage their tax liabilities and potentially save money through appeals and exemptions.
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 Redkey Tax Rate
0.76%
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 Jay County Tax Rate
0.74%
Median Effective Indiana Tax Rate
0.99%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Redkey, Jay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47373 | 0.38% | 0.53% | 0.76% | 2.11% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Redkey, Jay County, Indiana
When examining property taxes in Redkey, 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 Jay 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 Jay 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 Redkey.
For example, the median home price in Redkey is $61,750, with tax bills ranging significantly across the county. ZIP code 47373 has the highest median home price at $61,750.
Property Tax Assessment Values Across Redkey, Jay County, Indiana
Source: Ownwell
$60,300
$111,500
$162,700
Median Redkey Market Value
$61,750
Median Jay County Market Value
$86,900
Median Indiana Market Value
$170,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Redkey, Jay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47373 | $15,950 | $37,850 | $61,750 | $105,375 | $175,500 |
Source: Ownwell
Property Tax Bills Across Redkey, Jay County, Indiana
Median Redkey Tax Bill
$596
Median Jay County Tax Bill
$724
Median Indiana Tax Bill
$1,691
Median United States Tax Bill
$2,400
Property Tax Bills Across Redkey, Jay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47373 | $164 | $293 | $596 | $991 | $1,638 |
Source: Ownwell