Palmyra, Indiana Property Taxes
The median property tax rate in Palmyra, IN is 0.80%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Palmyra at $292,500, the typical annual property tax bill amounts to $2,327, falling below the national median of $2,690. Property taxes in Palmyra are determined based on the tax assessed value, which is usually less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Palmyra'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 Palmyra or another part of Floyd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palmyra, 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 Palmyra Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Palmyra, Indiana
Property taxes in Palmyra, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other areas in Floyd County and the national median. For comparison, the 47164 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Palmyra provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra Tax Rate
0.80%
Average Floyd County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmyra, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47164 | 0.77% | 0.78% | 0.80% | 0.86% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Palmyra, 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 Floyd 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 Palmyra, 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. The zip code with the highest and lowest median tax bill is 47164, with a median tax bill of $2,327. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palmyra Assessed Value
$292,500
Average Floyd County Assessed Value
$183,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmyra, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47164 | $225,880 | $263,100 | $292,500 | $418,000 | $445,540 |
Source: Ownwell
Property Tax Bills Across Palmyra, Indiana
Property tax bills in Palmyra, located in Floyd County, Indiana, are determined by assessing the value of a property and applying the local tax rate to that value. The median home price in Palmyra stands at $292,500, which serves as a baseline for calculating the assessed value. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is determined, it's multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Palmyra, property tax bills can vary significantly. At the 25th percentile, the tax bill is around $2,040, while at the 75th percentile, it rises to approximately $3,619. The 90th percentile sees tax bills as high as $4,897. These variations highlight the impact of property value and local tax rates on individual tax obligations. Compared to the national median property tax rate of 0.99%, Palmyra's property taxes reflect the local economic conditions and property values, affecting homeowners' annual financial planning.
Average Palmyra Tax Bill
$2,327
Average Floyd County Tax Bill
$1,788
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47164 | $1,768 | $2,040 | $2,327 | $3,619 | $4,897 |
Source: Ownwell