47264 Property Tax Rate

Property owners in ZIP code 47264 (Norman, Indiana) pay a median of $511/year in property taxes on homes valued at $130,700. This translates to an effective tax rate of 0.39%, which is 44% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47264 is approximately $43, which factors into escrow payments on mortgages. This ZIP code is located within Jackson County. This is $740 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47264 has lower property taxes. ZIP codes with similar effective rates include 47926 (0.40%) and 46926 (0.40%).

In Norman, property taxes represent approximately 0.8% of the median household income of $66,875, providing context for the relative tax burden on homeowners in this area.

Indiana reassesses properties every three years without a state cap on assessment increases; Jackson County will update your property value when its next triennial revaluation occurs. Jackson County provides a Homestead Property Tax Deduction for owner-occupied primary residences and Supplemental Homestead Deductions for seniors and disabled homeowners. File your homestead exemption with the Jackson County Assessor immediately after closing to secure your tax deduction.