46151 Property Tax Rate

Property owners in ZIP code 46151 (Martinsville, Indiana) pay a median of $986/year in property taxes on homes valued at $219,400. This translates to an effective tax rate of 0.45%, which is 35% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 46151 is approximately $82, which factors into escrow payments on mortgages. This ZIP code is located within Morgan County. This is $265 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 46151 has higher property taxes. ZIP codes with similar effective rates include 47916 (0.45%) and 46127 (0.45%).

In Martinsville, property taxes represent approximately 1.3% of the median household income of $77,724, providing context for the relative tax burden on homeowners in this area.

Indiana reassesses at market value at sale with no annual cap on increases for new owners. Morgan County recognizes the state Homestead Property Tax Deduction for primary residences — file Form 136 with the Morgan County Assessor to reduce assessed value and lower your tax liability. Contact the Morgan County Assessor's office immediately after purchase to file your Form 136 and obtain your Notice of Assessment.