Paragon, Indiana Property Taxes
The median property tax rate in Paragon, Indiana is 0.52%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Paragon, the typical annual property tax bill is $907, well below the national median of $2,690. Property taxes in Paragon 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 Paragon'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 Paragon 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
Paragon, 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 Paragon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paragon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paragon 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 Paragon, Indiana
Property taxes in Paragon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paragon is 0.52%, which is slightly higher than the Indiana state median of 0.85% but lower than the U.S. national median of 0.99%. Local government entities within Paragon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paragon 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 Paragon's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46166 zip code has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Paragon provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paragon Tax Rate
0.52%
Average Morgan County Tax Rate
0.54%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paragon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46166 | 0.28% | 0.37% | 0.52% | 0.77% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Paragon, Indiana
In Paragon, 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 Morgan County Assessor's Office 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 Paragon, 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 Paragon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46166, with a median tax bill of $907.
Average Paragon Assessed Value
$175,000
Average Morgan County Assessed Value
$228,450
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paragon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46166 | $60,900 | $115,100 | $175,000 | $240,600 | $322,400 |
Source: Ownwell
Property Tax Bills Across Paragon, Indiana
In Paragon, Morgan County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Paragon stands at $175,000. Property taxes are then applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Paragon can expect to pay varying property tax amounts. For example, the tax bill at the 25th percentile is around $492, while at the 75th percentile, it rises to approximately $1389. For those at the 90th percentile, the tax bill can reach up to $2001. These variations reflect differences in property values and assessments within the area. Comparatively, Paragon's property tax rate is quite competitive. The highest median tax bill in the region is $907, which aligns with the national median property tax rate of 0.99%. This can significantly affect homeowners' financial planning, making it crucial to understand how these taxes are calculated.
Average Paragon Tax Bill
$907
Average Morgan County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Paragon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46166 | $247 | $492 | $907 | $1,389 | $2,001 |
Source: Ownwell