Martinsville, Morgan County, Indiana Property Taxes
Median Martinsville, IN effective property tax rate: 0.52%, significantly lower than the national median of 1.02% and also lower than the Indiana state median of 0.99%.
Median Martinsville, IN home value: $217,900
Median annual Martinsville, IN tax bill: $1,304, $1,096 lower than the national median property tax bill of $2,400.
How are property taxes in Morgan County calculated?
Property taxes in Martinsville, 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 Martinsville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Martinsville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Martinsville, Morgan County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.52%
Estimate Property Tax Bill
$1,133
$1,051
Property Tax Rates Across Martinsville, Morgan County, Indiana
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Martinsville in Morgan County, Indiana, has an effective property tax rate of 0.52%, which is significantly lower than the national median of 1.02%. This makes Martinsville an attractive option for property owners looking to reduce their tax burden. Indiana's median property tax rate aligns with Martinsville's, creating a consistent and predictable tax environment for residents. When compared to other cities in Indiana, Martinsville stands out for its affordability in property taxation, contributing to its appeal for both current residents and potential newcomers.
Understanding these rates can help property owners make informed decisions about where to invest or settle. With a property tax bill well below the national median of $2400, Martinsville offers financial advantages that are hard to overlook.
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 Martinsville Tax Rate
0.52%
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 Morgan County Tax Rate
0.54%
Median Effective Indiana Tax Rate
0.99%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Martinsville, Morgan County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | 0.34% | 0.42% | 0.52% | 0.81% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Martinsville, Morgan County, Indiana
When examining property taxes in Martinsville, 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 Morgan 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 Morgan 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 Martinsville.
For example, the median home price in Martinsville is $217,900, with tax bills ranging significantly across the county. Zip code 46151 has the highest median home price at $217,900.
Property Tax Assessment Values Across Martinsville, Morgan County, Indiana
Source: Ownwell
$125,500
$237,300
$349,100
Median Martinsville Market Value
$217,900
Median Morgan County Market Value
$228,450
Median Indiana Market Value
$170,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Martinsville, Morgan County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | $88,500 | $146,700 | $217,900 | $324,300 | $449,500 |
Source: Ownwell
Property Tax Bills Across Martinsville, Morgan County, Indiana
Median Martinsville Tax Bill
$1,304
Median Morgan County Tax Bill
$1,323
Median Indiana Tax Bill
$1,691
Median United States Tax Bill
$2,400
Property Tax Bills Across Martinsville, Morgan County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46151 | $402 | $772 | $1,304 | $1,980 | $2,798 |
Source: Ownwell