Greencastle, Putnam County, Indiana Property Taxes
Median Greencastle, IN effective property tax rate: 0.87%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Greencastle, IN home value: $115,800
Median annual Greencastle, IN tax bill: $1,059, $1,341 lower than the national median property tax bill of $2,400.
How are property taxes in Putnam County calculated?
Property taxes in Greencastle, 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 Greencastle’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Greencastle, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Greencastle, Putnam County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.87%
Estimate Property Tax Bill
$1,007
$935
Property Tax Rates Across Greencastle, Putnam County, Indiana
Local government entities are responsible for setting tax rates, which can differ significantly within a state. Each county determines its annual budget needs for providing services and divides this figure by the total value of all taxable property within its borders. This process results in the property tax rate. Although votes and legislative measures are involved in establishing these rates and budgets, this is essentially the process followed each year.
Comparing Greencastle’s effective property tax rate to other cities in Indiana and the national median can provide valuable insights. The median property tax rate in Indiana is 0.87%, which is below the national median of 1.02%. This can result in lower property tax bills for Indiana residents compared to the national average. Greencastle, located in Putnam County, shares this median tax rate, offering a competitive edge for property owners seeking affordability. Understanding these dynamics can help property owners make informed decisions about potential savings through tax appeals or 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 Greencastle Tax Rate
0.87%
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 Putnam County Tax Rate
0.77%
Median Effective Indiana Tax Rate
0.99%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Greencastle, Putnam County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46135 | 0.43% | 0.64% | 0.87% | 1.35% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Greencastle, Putnam County, Indiana
When examining property taxes in Greencastle, 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 Putnam County Assessor 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 Putnam 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 Greencastle. For example, the median home price in Greencastle is $115,800, with tax bills ranging significantly across the county. Zip code 46135 has the highest median home price at $115,800.
Property Tax Assessment Values Across Greencastle, Putnam County, Indiana
Source: Ownwell
$52,200
$118,575
$184,950
Median Greencastle Market Value
$115,800
Median Putnam County Market Value
$120,600
Median Indiana Market Value
$170,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Greencastle, Putnam County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46135 | $35,100 | $73,400 | $115,800 | $165,875 | $227,810 |
Source: Ownwell
Property Tax Bills Across Greencastle, Putnam County, Indiana
Property tax bills in Greencastle, located in Putnam County, Indiana, are determined by the assessed value of a property, which is based on its market value. The median home price in Greencastle is $115,800, which influences the property tax bill. Homeowners in this area can expect a median property tax bill of $1,059, which is significantly lower than the national median property tax bill of $2,400. Factors such as property size, location, and improvements can affect the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial as they directly impact the annual tax expense.
Ownwell offers a valuable service to homeowners by providing property tax appeal and exemption services. By leveraging their expertise, Ownwell can help identify discrepancies in property assessments and assist in filing appeals, potentially reducing the tax burden. This service not only ensures that homeowners pay a fair amount but also provides peace of mind knowing that their property taxes are being managed by professionals.
Median Greencastle Tax Bill
$1,059
Median Putnam County Tax Bill
$978
Median Indiana Tax Bill
$1,691
Median United States Tax Bill
$2,400
Property Tax Bills Across Greencastle, Putnam County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46135 | $242 | $526 | $1,059 | $1,686 | $2,453 |
Source: Ownwell