47240 Property Tax Rate

Property owners in ZIP code 47240 (Greensburg, Indiana) pay a median of $1,233/year in property taxes on homes valued at $201,100. This translates to an effective tax rate of 0.61%, which is 12% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47240 is approximately $103, which factors into escrow payments on mortgages. This ZIP code is located within Decatur County.

Compared to similar ZIP codes in Indiana, 47240 has lower property taxes. ZIP codes with similar effective rates include 46792 (0.61%) and 47532 (0.61%).

In Greensburg, property taxes represent approximately 1.7% of the median household income of $74,373, providing context for the relative tax burden on homeowners in this area.

Indiana reassesses all properties triennially (every three years), and your home's assessed value resets to market value at purchase—expect your tax bill to reflect the new purchase price immediately. Decatur County offers a Standard Homestead Exemption (amount set by county) and a Veteran's Exemption if you served in the military—file both with the Decatur County Assessor's office. Contact the Decatur County Assessor within 60 days of closing to confirm your exemption eligibility and submit required documentation (DD-214 for veterans).