Patoka, Indiana Property Taxes
The median property tax rate in Patoka, IN is 1.57%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Patoka being $218,300, the typical annual property tax bill reaches $3,431, exceeding the national median of $2,690. Property taxes in Patoka are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Patoka's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Patoka or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Patoka, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,427
Ownwell’s Patoka Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Patoka with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Patoka to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Pike County for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Patoka, Indiana
Property taxes in Patoka, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patoka is 1.57%, significantly higher than the U.S. national median of 0.99%. Local government entities within Patoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patoka estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Patoka's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47666 zip code has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Patoka provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Patoka Tax Rate
1.57%
Average Pike County Tax Rate
1.08%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patoka, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47666 | 1.57% | 1.57% | 1.57% | 1.57% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Patoka, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Patoka, Indiana. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Pike County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Patoka, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Patoka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Patoka are both $3431, found in the zip code 47666.
Average Patoka Assessed Value
$218,300
Average Pike County Assessed Value
$98,750
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Patoka, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47666 | $218,300 | $218,300 | $218,300 | $218,300 | $218,300 |
Source: Ownwell
Property Tax Bills Across Patoka, Indiana
In Patoka, located in Pike County, Indiana, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and reflects the market value of the property. The property tax rate in Indiana is applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the size of the property, its location, and any improvements or renovations made. Homeowners in Patoka can expect a median property tax bill of $3,431, which is significantly higher than the national median property tax rate of 0.99%. The tax bill can impact homeowners in various ways, from influencing their monthly mortgage payments to affecting the overall affordability of owning a home. For those at the 25th, 75th, and 90th percentiles, the property tax bill remains consistent at $3,431, indicating a uniform tax rate across different property values within the area. This consistency helps homeowners plan their finances more effectively.
Average Patoka Tax Bill
$3,431
Average Pike County Tax Bill
$1,051
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Patoka, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47666 | $3,431 | $3,431 | $3,431 | $3,431 | $3,431 |
Source: Ownwell