Paragon, Indiana Property Taxes
The median property tax rate in Paragon, IN is 0.81%, which is lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Paragon at $108,650, the typical annual property tax bill comes to $647, significantly below the national median of $2,690. Property taxes in Paragon are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining an understanding of Paragon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Paragon or another part of Owen County, familiarizing yourself with 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
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$880
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, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paragon is 0.81%, slightly 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 areas in Indiana and the national median. For comparison, the zip code 46166 has the highest median property tax rate of 0.81%, while also having the lowest median tax rate of 0.81%. Understanding how these areas compare with Paragon provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paragon Tax Rate
0.81%
Average Owen County Tax Rate
0.80%
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 | 0.39% | 0.55% | 0.81% | 1.42% | 1.58% |
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 Owen 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. Assessment notices in Paragon 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 and lowest median tax bill is 46166, with a median tax bill of $647.
Average Paragon Assessed Value
$108,650
Average Owen County Assessed Value
$135,000
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 | $18,790 | $41,250 | $108,650 | $154,550 | $223,920 |
Source: Ownwell
Property Tax Bills Across Paragon, Indiana
In Paragon, located in Owen County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office, which evaluates the property's market value and then applies an assessment ratio. In this region, the median home price is $108,650. Homeowners can expect their property tax bill to fall within a range, with the 25th percentile tax bill at $339 and the 75th percentile at $1,371. For those at the 90th percentile, the tax bill can reach up to $2,392. Several factors influence the final tax bill, including property improvements, neighborhood changes, and local tax rates. The highest median tax bill in Owen County is $647, applicable to the zip code 46166. Compared to the national median property tax rate of 0.99%, Paragon’s property tax rates can significantly impact homeowners' annual expenses, making it crucial for residents to understand how their property is assessed and taxed.
Average Paragon Tax Bill
$647
Average Owen County Tax Bill
$1,105
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 | $239 | $339 | $647 | $1,371 | $2,392 |
Source: Ownwell