Spurgeon, Indiana Property Taxes
The median property tax rate in Spurgeon, IN is 1.91%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Spurgeon at $60,700, the typical annual property tax bill reaches $764, which is below the national median of $2,690. Property taxes in Spurgeon 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 Spurgeon'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 Spurgeon or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spurgeon, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Spurgeon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spurgeon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spurgeon to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Spurgeon, Indiana
Property taxes in Spurgeon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spurgeon is 1.91%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Spurgeon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spurgeon 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 Spurgeon's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47584 has the highest median property tax rate of 1.91%, while the same zip code also has the lowest median tax rate of 1.91%. Understanding how these cities compare with Spurgeon 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 Spurgeon Tax Rate
1.91%
Average Pike County Tax Rate
1.08%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spurgeon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47584 | 0.71% | 0.97% | 1.91% | 2.12% | 2.96% |
Source: Ownwell
Property Tax Assessment Values Across Spurgeon, Indiana
In Spurgeon, Indiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Spurgeon, 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 Spurgeon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Spurgeon is $60,700, with tax bills ranging from $414 at the 25th percentile to $1,382 at the 90th percentile. The highest and lowest median tax bills are both $764 in the 47584 zip code.
Average Spurgeon Assessed Value
$60,700
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 Spurgeon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47584 | $9,340 | $20,375 | $60,700 | $88,650 | $115,500 |
Source: Ownwell
Property Tax Bills Across Spurgeon, Indiana
In Spurgeon, Pike County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $60,700, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as property size, location, and improvements can influence the assessed value. In Spurgeon, the 25th percentile tax bill is approximately $414, while the 75th percentile tax bill reaches around $1,106. At the 90th percentile, tax bills can go up to $1,382. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Spurgeon should be aware of these factors, as they directly impact their annual financial obligations and the overall affordability of their property.
Average Spurgeon Tax Bill
$764
Average Pike County Tax Bill
$1,051
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Spurgeon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47584 | $207 | $414 | $764 | $1,106 | $1,382 |
Source: Ownwell