Petroleum, Indiana Property Taxes
The median property tax rate in Petroleum, IN is 0.37%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Petroleum at $76,900, the typical annual property tax bill amounts to $314, which is well below the national median of $2,690. Property taxes in Petroleum are calculated based on the assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Petroleum's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Petroleum or another part of Wells County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Petroleum, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$285
Ownwell’s Petroleum Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Petroleum with just two inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Petroleum to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-specific trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Petroleum, Indiana
Property taxes in Petroleum, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petroleum is 0.37%, significantly lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Petroleum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petroleum 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 Petroleum's effective property tax rate to other counties in Indiana and the national median. Understanding how these cities compare with Petroleum provides valuable insights into the varying tax landscape across Wells County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petroleum Tax Rate
0.37%
Average Wells County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petroleum, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46778 | 0.20% | 0.27% | 0.37% | 1.03% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Petroleum, Indiana
In Petroleum, 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 Wells County Appraisal District 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 Petroleum, 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 Petroleum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $314, found in zip code 46778.
Average Petroleum Assessed Value
$76,900
Average Wells County Assessed Value
$188,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petroleum, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46778 | $33,560 | $60,950 | $76,900 | $93,350 | $104,760 |
Source: Ownwell
Property Tax Bills Across Petroleum, Indiana
In Petroleum, located in Wells County, IN, property tax bills are calculated based on the assessed value of your home. This assessed value is determined by local government assessors who evaluate various factors such as the market value, location, and condition of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Petroleum, the median home price stands at $76,900. Property tax bills vary widely, with the 25th percentile at $170 and the 75th percentile reaching $481. At the higher end, the 90th percentile tax bill is $716. Comparatively, the highest and lowest median tax bills in the area are both $314, indicating a uniformity in the median range. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how property tax bills are calculated helps homeowners plan their finances and anticipate annual expenses.
Average Petroleum Tax Bill
$314
Average Wells County Tax Bill
$1,092
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Petroleum, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46778 | $138 | $170 | $314 | $481 | $716 |
Source: Ownwell