47967 Property Tax Rate

Property owners in ZIP code 47967 (New Richmond, Indiana) pay a median of $883/year in property taxes on homes valued at $119,600. This translates to an effective tax rate of 0.74%, which is 6% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47967 is approximately $74, which factors into escrow payments on mortgages. This ZIP code is located within Montgomery County. This is $368 less than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47967 has higher property taxes. ZIP codes with similar effective rates include 47373 (0.74%) and 46773 (0.74%).

In New Richmond, property taxes represent approximately 1.1% of the median household income of $80,139, providing context for the relative tax burden on homeowners in this area.

Indiana does not impose a statewide property tax assessment cap, and the Montgomery County Assessor may adjust assessed values upward without statutory limitation. Montgomery County residents qualify for the Homestead Deduction and Senior Citizen Deduction — apply to the Montgomery County Assessor within 60 days of closing to reduce your assessed value. File a written Assessment Appeal with the Montgomery County Board of Tax Review if you receive an assessment notice that you believe overstates the property's fair market value.