Patoka, Indiana Property Taxes
The median property tax rate in Patoka, IN is 1.01%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Patoka at $98,350, the typical annual property tax bill reaches $883, which is below the national median of $2,690. Property taxes in Patoka 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 Patoka'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 Patoka 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
Patoka, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$993
Ownwell’s Patoka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patoka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patoka 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 Patoka, Indiana
Property taxes in Patoka, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patoka is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Patoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patoka 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 Patoka's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47666 ZIP code has the highest median property tax rate of 1.01%, while the same ZIP code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with Patoka provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Patoka Tax Rate
1.01%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patoka, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47666 | 0.56% | 0.76% | 1.01% | 1.93% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Patoka, Indiana
In Patoka, 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 Gibson 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 Patoka, 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. The median home price in Patoka is $98,350, with tax bills ranging from $389 at the 25th percentile to $2,664 at the 90th percentile. The highest and lowest median tax bills in Patoka are both $883, found in the 47666 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Patoka Assessed Value
$98,350
Average Gibson County Assessed Value
$136,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Patoka, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47666 | $14,900 | $43,200 | $98,350 | $152,625 | $213,450 |
Source: Ownwell
Property Tax Bills Across Patoka, Indiana
In Patoka, property tax bills are calculated based on the assessed value of a home, which is determined by the local government. The assessed value is a percentage of the market value of the property. Several factors influence this assessed value, including the home's location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Patoka, the median home price is $98,350. The tax bill can vary significantly, with the 25th percentile paying around $389, while those in the 75th percentile face bills up to $1,707. The top 10% of property owners might see tax bills as high as $2,664. This variability highlights how different property values and assessments can impact the financial responsibilities of homeowners. Compared to the national median property tax rate of 0.99%, Patoka’s rate and subsequent tax bills reflect the local economic conditions and property values, offering a unique perspective on homeownership costs in this Indiana community.
Average Patoka Tax Bill
$883
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Patoka, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47666 | $172 | $389 | $883 | $1,707 | $2,664 |
Source: Ownwell