Patriot, Indiana Property Taxes
The median property tax rate in Patriot, Indiana is 1.42%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Patriot at $45,800, the typical annual property tax bill reaches $426, which is significantly lower than the national median of $2,690. Property taxes in Patriot 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 Patriot'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 Patriot 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
Patriot, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$650
Ownwell’s Patriot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patriot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patriot 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 Patriot, Indiana
Property taxes in Patriot, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patriot is 0.83%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Patriot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patriot 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 Patriot's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47038 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Patriot provides valuable insights into the varying tax landscape across Switzerland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Patriot Tax Rate
1.42%
Average Switzerland County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patriot, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47038 | 0.43% | 0.60% | 1.42% | 1.47% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Patriot, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Patriot, 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 Switzerland 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 Patriot, 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 Patriot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Patriot is $426 in the 47038 zip code, while the lowest median tax bill is also $426 in the same zip code.
Average Patriot Assessed Value
$45,800
Average Switzerland County Assessed Value
$86,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Patriot, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47038 | $7,600 | $17,850 | $45,800 | $95,350 | $153,000 |
Source: Ownwell
Property Tax Bills Across Patriot, Indiana
In Patriot, located in Switzerland County, IN, property tax bills are determined based on the assessed value of a home. The median home price in Patriot is $45,800. Property tax rates are applied to this assessed value to calculate the annual tax bill. For instance, homeowners at the 25th percentile can expect a tax bill around $181, while those at the 75th percentile might see bills closer to $822. At the 90th percentile, tax bills can reach up to $1,438. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For example, the highest and lowest median tax bills in the area both stand at $426, specifically in the zip code 47038. Compared to the national median property tax rate of 0.99%, Patriot's rates reflect the local economic conditions and property values. These property tax bills significantly impact homeowners by influencing their overall housing costs, potentially affecting their financial planning and long-term investments.
Average Patriot Tax Bill
$426
Average Switzerland County Tax Bill
$696
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Patriot, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47038 | $74 | $181 | $426 | $822 | $1,438 |
Source: Ownwell