47342 Property Tax Rate

Property owners in ZIP code 47342 (Gaston, Indiana) pay a median of $796/year in property taxes on homes valued at $131,000. 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 47342 is approximately $66, which factors into escrow payments on mortgages. This ZIP code is located within Delaware County. This is $455 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47342 has higher property taxes. ZIP codes with similar effective rates include 46743 (0.61%) and 47597 (0.61%).

In Gaston, property taxes represent approximately 1.2% of the median household income of $65,568, 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.