47304 Property Tax Rate

Property owners in ZIP code 47304 (Muncie, Indiana) pay a median of $1,497/year in property taxes on homes valued at $161,700. This translates to an effective tax rate of 0.93%, which is 33% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47304 is approximately $125, which factors into escrow payments on mortgages. This ZIP code is located within Delaware County. This is $246 more than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47304 has lower property taxes. ZIP codes with similar effective rates include 46349 (0.93%) and 47966 (0.93%).

In Muncie, property taxes represent approximately 2.2% of the median household income of $67,756, providing context for the relative tax burden on homeowners in this area.

Indiana's triennial reassessment means your property value resets to market at sale, with the next reassessment cycle occurring within three years; keep records of your purchase price for reference. Delaware County provides a Homestead Exemption and Senior Exemption (age 65+) that reduce assessed value—apply with the Delaware County Assessor immediately after purchase. File your exemption claim by the deadline specified in your initial assessment notice (typically 45 days from mailing) to avoid losing one year of tax savings.