Poseyville, Indiana Property Taxes
The median property tax rate in Poseyville, IN is 0.79%, 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 $153,000 in Poseyville, the typical annual property tax bill amounts to $1,135, significantly below the national median of $2,690. Property taxes in Poseyville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Poseyville'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 Poseyville or another part of Gibson County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Poseyville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,209
-$12,667
Ownwell’s Poseyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Poseyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Poseyville 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 Poseyville, Indiana
Property taxes in Poseyville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Poseyville is 0.79%, lower than the U.S. national median of 0.99%. Local government entities within Poseyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Poseyville 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 Poseyville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47633 ZIP code has the same median property tax rate of 0.79%. Understanding how these areas compare with Poseyville provides valuable insights into the varying tax landscape across Posey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Poseyville Tax Rate
0.79%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Poseyville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47633 | 0.44% | 0.57% | 0.79% | 1.02% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Poseyville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Poseyville, 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 Gibson 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 Poseyville, 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 Poseyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 47633, with a median tax bill of $1,135.
Average Poseyville Assessed Value
$153,000
Average Gibson County Assessed Value
$136,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Poseyville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47633 | $75,660 | $107,600 | $153,000 | $231,500 | $266,020 |
Source: Ownwell
Property Tax Bills Across Poseyville, Indiana
In Poseyville, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of your property. This value is then multiplied by the local tax rate to arrive at your annual property tax bill. Factors such as property improvements, location, and market trends can influence the assessed value. For instance, the median home price in Poseyville is $153,000, resulting in varying tax bills. Homeowners in the 25th percentile pay around $656, while those in the 75th percentile see bills closer to $2047. At the 90th percentile, tax bills can reach up to $2515. Comparatively, Poseyville's tax rates are competitive, especially when considering the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Poseyville Tax Bill
$1,135
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Poseyville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47633 | $451 | $656 | $1,135 | $2,047 | $2,515 |
Source: Ownwell