Parker City, Indiana Property Taxes
The median property tax rate in Parker City, Indiana is 0.78%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $136,700 in Parker City, the typical annual property tax bill is $1,255, falling below the national median of $2,690. Property taxes in Parker City are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Parker City'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 Parker City or another part of Delaware County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parker City, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,066
Ownwell’s Parker City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parker City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parker City 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 Parker City, Indiana
Property taxes in Parker City, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parker City is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Parker City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parker City 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 Parker City's effective property tax rate to other areas in Delaware County and the national median. For comparison, the 47368 zip code has both the highest and lowest median property tax rate of 0.78%, which aligns with Parker City's rate. Understanding how these areas compare with Parker City provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parker City Tax Rate
0.78%
Average Delaware County Tax Rate
0.99%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parker City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47368 | 0.35% | 0.55% | 0.78% | 1.15% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Parker City, Indiana
In Parker City, 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 Delaware 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 Parker City, 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 Parker City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is in the 47368 zip code, amounting to $1,255.
Average Parker City Assessed Value
$136,700
Average Delaware County Assessed Value
$101,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parker City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47368 | $50,000 | $95,375 | $136,700 | $217,425 | $286,240 |
Source: Ownwell
Property Tax Bills Across Parker City, Indiana
Property tax bills in Parker City, Delaware County, IN, are determined based on the assessed value of a property. The assessed value, which is a percentage of the property's market value, is used to calculate the tax bill. Factors such as property size, location, and improvements can influence this assessed value. For example, the median home price in Parker City is $136,700. Homeowners in the 25th percentile pay around $597 in property taxes, while those in the 75th percentile pay approximately $2,139. The highest median tax bill in the area is $1,255, found in zip code 47368. These property taxes fund essential community services such as schools, public safety, and infrastructure. The tax burden can vary significantly, affecting homeowners' monthly expenses. Compared to the national median property tax rate of 0.99%, Parker City's rates can be seen as relatively moderate, but they still represent a significant financial consideration for homeowners. Understanding how these taxes are calculated helps homeowners plan their finances more effectively.
Average Parker City Tax Bill
$1,255
Average Delaware County Tax Bill
$1,073
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Parker City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47368 | $229 | $597 | $1,255 | $2,139 | $2,994 |
Source: Ownwell