Princeton, Indiana Property Taxes
The median property tax rate in Princeton, Indiana is 0.97%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Princeton at $125,400, the typical annual property tax bill amounts to $1,339, which is below the national median of $2,690. Property taxes in Princeton are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Princeton'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 Princeton 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
Princeton, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,216
Ownwell’s Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, Indiana
Property taxes in Princeton, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 0.97%, just slightly below the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47670 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Princeton 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 Princeton Tax Rate
0.97%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47670 | 0.61% | 0.91% | 0.97% | 1.25% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Indiana
In Princeton, 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 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 Princeton, 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 Princeton is $125,400, with tax bills ranging from $906 at the 25th percentile to $2,643 at the 90th percentile. The highest and lowest median tax bills are both $1,339 in zip code 47670. 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Princeton Assessed Value
$125,400
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 Princeton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47670 | $57,680 | $88,350 | $125,400 | $176,400 | $230,600 |
Source: Ownwell
Property Tax Bills Across Princeton, Indiana
In Princeton, Gibson County, Indiana, property tax bills are determined based on the assessed value of a home, which is influenced by the market value and property characteristics. The assessed value is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $125,400, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is approximately $906, while at the 75th percentile, it reaches around $1,932. For those at the 90th percentile, the tax bill can be as high as $2,643. The local tax rate in Princeton is notably different from the national median property tax rate of 0.99%. Homeowners must consider these tax bills as a significant annual expense, impacting their overall cost of homeownership. The highest and lowest median tax bills in the area are both recorded at $1,339 in the zip code 47670, indicating a consistent tax rate across the region. Understanding these factors helps homeowners plan their finances and appeal if they believe their property is over-assessed.
Average Princeton Tax Bill
$1,339
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47670 | $474 | $906 | $1,339 | $1,932 | $2,643 |
Source: Ownwell