Pittsboro, Indiana Property Taxes
The median property tax rate in Pittsboro, IN is 0.61%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Pittsboro, the typical annual property tax bill amounts to $1,843, significantly below the national median of $2,690. Property taxes in Pittsboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pittsboro'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 Pittsboro 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
Pittsboro, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,573
Ownwell’s Pittsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pittsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pittsboro 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 Pittsboro, Indiana
Property taxes in Pittsboro, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pittsboro is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Pittsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pittsboro 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 Pittsboro's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46167 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Pittsboro provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pittsboro Tax Rate
0.61%
Average Boone County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pittsboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46167 | 0.54% | 0.55% | 0.61% | 0.76% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Pittsboro, Indiana
In Pittsboro, 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 Boone 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 Pittsboro, 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 Pittsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Pittsboro is $1,843 in the 46167 zip code, while the lowest median tax bill is also $1,843 in the same zip code.
Average Pittsboro Assessed Value
$257,800
Average Boone County Assessed Value
$327,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pittsboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46167 | $153,200 | $169,150 | $257,800 | $446,550 | $618,640 |
Source: Ownwell
Property Tax Bills Across Pittsboro, Indiana
In Pittsboro, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Pittsboro is $257,800. Tax rates are applied to this assessed value to determine the total tax bill. Factors such as local tax rates, property exemptions, and assessment ratios play crucial roles in determining the final amount. Homeowners in Pittsboro can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $906, while the 75th percentile reaches $3,066, and the 90th percentile can go up to $4,789. This variability can impact homeowners differently based on their property values and eligibility for exemptions. Comparatively, the national median property tax rate is 0.99%, situating Pittsboro's tax scenario within a broader context. For instance, the highest median tax bill in the area is $1,843 in the 46167 zip code, highlighting the range of tax burdens homeowners might face. Understanding these factors is essential for homeowners to manage their financial planning effectively.
Average Pittsboro Tax Bill
$1,843
Average Boone County Tax Bill
$3,263
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Pittsboro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46167 | $847 | $906 | $1,843 | $3,066 | $4,789 |
Source: Ownwell