Palmyra, Indiana Property Taxes
The median property tax rate in Palmyra, IN is 0.65%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Palmyra, the typical annual property tax bill reaches $986, significantly below the national median of $2,690. Property taxes in Palmyra 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 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 Harrison 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
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$978
Ownwell’s Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 0.65%, lower than both the Indiana state median and 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 counties in Indiana and the national median. For comparison, the 47164 zip code has the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Palmyra provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra Tax Rate
0.65%
Average Harrison County Tax Rate
0.61%
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 | 0.36% | 0.51% | 0.65% | 1.03% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Indiana
In Palmyra, 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 Harrison 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. Being aware of these valuation processes in Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Palmyra is $150,400, with the highest median tax bill being $986 in the 47164 zip code.
Average Palmyra Assessed Value
$150,400
Average Harrison County Assessed Value
$175,400
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 | $38,780 | $99,450 | $150,400 | $225,750 | $301,660 |
Source: Ownwell
Property Tax Bills Across Palmyra, Indiana
In Palmyra, located in Harrison County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $150,400, homeowners can expect varying tax bills depending on the assessed value and applicable exemptions. Factors such as the home's location, size, and condition, as well as any applicable exemptions or deductions, play a significant role in determining the final tax bill. In Palmyra, the 25th percentile tax bill is $496, while the 75th percentile reaches $1,684, and the 90th percentile can go up to $2,630. These figures indicate a range of tax burdens across different property values and exemptions. Compared to the national median property tax rate of 0.99%, Palmyra's property tax rates may offer some relief to homeowners, but it's essential to consider individual circumstances and potential exemptions when evaluating the overall impact on personal finances.
Average Palmyra Tax Bill
$986
Average Harrison County Tax Bill
$1,112
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 | $214 | $496 | $986 | $1,684 | $2,630 |
Source: Ownwell