47385 Property Tax Rate

Property owners in ZIP code 47385 (Spiceland, Indiana) pay a median of $999/year in property taxes on homes valued at $140,200. This translates to an effective tax rate of 0.71%, which is near the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47385 is approximately $83, which factors into escrow payments on mortgages. This ZIP code is located within Henry County. This is $252 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47385 has higher property taxes. ZIP codes with similar effective rates include 46808 (0.71%) and 47885 (0.71%).

In Spiceland, property taxes represent approximately 1.0% of the median household income of $100,479, providing context for the relative tax burden on homeowners in this area.

Indiana reassesses property at market value upon purchase with no statewide annual increase cap. Henry County homeowners qualify for the Homestead Property Tax Deduction — apply to the Henry County Assessor using Form 136 to reduce assessed value on your primary residence. File your Form 136 with the Henry County Assessor within the first tax year of ownership and request your assessment notice to confirm the deduction has been applied.