Patricksburg, Indiana Property Taxes
The median property tax rate in Patricksburg, IN is 1.23%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Patricksburg at $54,800, the typical annual property tax bill reaches $393, which is significantly below the national median of $2,690. Property taxes in Patricksburg 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 Patricksburg'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 Patricksburg 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
Patricksburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$674
Ownwell’s Patricksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patricksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patricksburg 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 Owen County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Patricksburg, Indiana
Property taxes in Patricksburg, Indiana (Owen County), are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patricksburg is 1.23%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Patricksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patricksburg 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 Patricksburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47455 zip code has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Patricksburg 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 Patricksburg Tax Rate
1.23%
Average Owen County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patricksburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47455 | 0.30% | 0.48% | 1.23% | 1.43% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Patricksburg, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Patricksburg, Indiana. 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. In Patricksburg, 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 Patricksburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $393, within the zip code 47455.
Average Patricksburg Assessed Value
$54,800
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 Patricksburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47455 | $15,380 | $21,000 | $54,800 | $86,550 | $143,660 |
Source: Ownwell
Property Tax Bills Across Patricksburg, Indiana
In Patricksburg, located in Owen County, IN, property tax bills are calculated based on the assessed value of a home. The median home price in Patricksburg is $54,800. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies within the county. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners in Patricksburg, the tax bill can significantly impact their annual finances. The 25th percentile tax bill stands at $231, while the 75th percentile reaches $816, and the 90th percentile goes up to $1,190. These figures highlight the range of property tax burdens faced by residents. The median tax bill across the county is $393, which is relatively low compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their property tax obligations and manage their budgets more effectively.
Average Patricksburg Tax Bill
$393
Average Owen County Tax Bill
$1,105
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Patricksburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47455 | $167 | $231 | $393 | $816 | $1,190 |
Source: Ownwell