47140 Property Tax Rate

Property owners in ZIP code 47140 (Marengo, Indiana) pay a median of $815/year in property taxes on homes valued at $124,800. This translates to an effective tax rate of 0.65%, which is 6% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47140 is approximately $68, which factors into escrow payments on mortgages. This ZIP code is located within Crawford County. This is $436 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47140 has lower property taxes. ZIP codes with similar effective rates include 47018 (0.65%) and 46140 (0.65%).

In Marengo, property taxes represent approximately 1.3% of the median household income of $63,651, providing context for the relative tax burden on homeowners in this area.

Indiana reassesses properties every three years without a statewide cap on assessment increases; Crawford County will update your home's value at its next triennial cycle. Crawford County provides a Homestead Property Tax Deduction for owner-occupied homes and Supplemental Homestead Deductions for seniors and disabled homeowners. File your homestead exemption application with the Crawford County Assessor immediately after closing to activate your tax deduction.