47581 Property Tax Rate

Property owners in ZIP code 47581 (Shoals, Indiana) pay a median of $677/year in property taxes on homes valued at $124,900. This translates to an effective tax rate of 0.54%, which is 22% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47581 is approximately $56, which factors into escrow payments on mortgages. This ZIP code is located within Martin County. This is $574 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47581 has lower property taxes. ZIP codes with similar effective rates include 47868 (0.54%) and 47941 (0.54%).

In Shoals, property taxes represent approximately 1.2% of the median household income of $56,864, providing context for the relative tax burden on homeowners in this area.

Martin County reassesses all properties every three years, resetting your assessed value to market at purchase; keep your closing statement for reference. Martin County offers a Homestead Exemption and Senior Exemption (65+) that reduce assessed value—file with the Martin County Assessor within 60 days of closing. Submit your exemption applications before the 45-day deadline shown on your preliminary assessment notice to secure immediate relief on your property taxes.