47588 Property Tax Rate

Property owners in ZIP code 47588 (Troy, Indiana) pay a median of $665/year in property taxes on homes valued at $112,800. This translates to an effective tax rate of 0.59%, which is 15% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47588 is approximately $55, which factors into escrow payments on mortgages. This ZIP code is located within Spencer County. This is $586 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47588 has higher property taxes. ZIP codes with similar effective rates include 47147 (0.59%) and 46565 (0.59%).

In Troy, property taxes represent approximately 1.1% of the median household income of $59,096, providing context for the relative tax burden on homeowners in this area.

Spencer County will reassess your property to market value during the triennial reassessment cycle; your closing price becomes the new tax base. Spencer County provides a Homestead Exemption, Senior Exemption (65+), and Disabled Exemption—apply with the Spencer County Assessor within 60 days of purchase. File all exemption claims together at the Spencer County Assessor's office before the deadline in your assessment notice to maximize tax savings from day one.