Palmyra, Indiana Property Taxes
The median property tax rate in Palmyra, IN is 0.95%, which is slightly below the national median of 0.99% and on par with the Indiana state median of 0.99%. With the median home value in Palmyra at $126,700, the typical annual property tax bill is $1,154, which is lower than the national median of $2,690. Property taxes in Palmyra are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as 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 the city, 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
0.95%
Estimate Property Tax Bill
$1,204
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 essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 0.95%, slightly below 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 median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these cities compare with Palmyra provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra Tax Rate
0.95%
Average Washington County Tax Rate
0.95%
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 | 0.45% | 0.71% | 0.95% | 1.42% | 1.91% |
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 Washington 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 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. The median home price in Palmyra is $126,700, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $654, while the 75th percentile tax bill is $2,119. The highest median tax bill in the area is $1,154, found in the zip code 47164. 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.
Average Palmyra Assessed Value
$126,700
Average Washington County Assessed Value
$111,000
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 | $48,760 | $84,500 | $126,700 | $189,300 | $258,940 |
Source: Ownwell
Property Tax Bills Across Palmyra, Indiana
In Palmyra, located in Washington County, IN, property tax bills are calculated based on the assessed value of the property. This assessed value is determined by local assessors who evaluate the property's market value. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Palmyra, the median home price stands at $126,700. The property tax rate in this area is relatively moderate compared to the national median property tax rate of 0.99%. Homeowners in the 25th percentile can expect to pay around $654 annually, while those in the 75th percentile may face a tax bill of approximately $2,119. At the 90th percentile, the tax bill can reach up to $3,038. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Palmyra Tax Bill
$1,154
Average Washington County Tax Bill
$1,080
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 | $335 | $654 | $1,154 | $2,119 | $3,038 |
Source: Ownwell