Pekin, Indiana Property Taxes
The median property tax rate in Pekin, IN is 0.83%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $287,400 in Pekin, the typical annual property tax bill amounts to $2,521, falling below the national median of $2,690. Property taxes in Pekin are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Pekin'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 Pekin 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
Pekin, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,385
Ownwell’s Pekin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pekin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pekin 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 Pekin, Indiana
Property taxes in Pekin, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pekin is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Pekin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pekin 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 Pekin's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47165 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 areas compare with Pekin provides valuable insights into the varying tax landscape across Floyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pekin Tax Rate
0.83%
Average Floyd County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pekin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47165 | 0.63% | 0.74% | 0.83% | 0.91% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Pekin, Indiana
In Pekin, 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 Floyd 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 Pekin, 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 Pekin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,521 in the 47165 zip code, while the lowest median tax bill is also $2,521 in the same zip code.
Average Pekin Assessed Value
$287,400
Average Floyd County Assessed Value
$183,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pekin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47165 | $118,880 | $176,600 | $287,400 | $402,400 | $517,260 |
Source: Ownwell
Property Tax Bills Across Pekin, Indiana
In Pekin, Floyd County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The tax rate in Floyd County is influenced by various factors, including funding requirements for public services such as schools, infrastructure, and emergency services. Homeowners in Pekin experience a range of property tax bills. For instance, the 25th percentile tax bill is around $1,267, while those in the 75th percentile pay approximately $3,247. At the higher end, the 90th percentile tax bill reaches $5,019. The median home price in the area is $287,400, and with a national median property tax rate of 0.99%, homeowners in Pekin may find their tax bills relatively comparable to other regions. These property taxes significantly impact homeowners by influencing their annual expenses and potentially affecting the overall affordability of owning a home in the area.
Average Pekin Tax Bill
$2,521
Average Floyd County Tax Bill
$1,788
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Pekin, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47165 | $830 | $1,267 | $2,521 | $3,247 | $5,019 |
Source: Ownwell