Pendleton, Indiana Property Taxes
The median property tax rate in Pendleton, Indiana is 0.56%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Pendleton at $240,900, the typical annual property tax bill reaches $1,350, significantly below the national median of $2,690. Property taxes in Pendleton 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 Pendleton'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 Pendleton 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
Pendleton, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,349
Ownwell’s Pendleton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pendleton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pendleton 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 Pendleton, Indiana
Property taxes in Pendleton, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pendleton is 0.56%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Pendleton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pendleton 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 Pendleton's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46064 has both the highest and lowest median property tax rate of 0.56%. Understanding how these figures align with Pendleton provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pendleton Tax Rate
0.56%
Average Hancock County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pendleton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46064 | 0.35% | 0.47% | 0.56% | 0.64% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Pendleton, Indiana
In Pendleton, 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 Hancock 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. 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 Pendleton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46064 has the highest and lowest median tax bill, both at $1,350.
Average Pendleton Assessed Value
$240,900
Average Hancock County Assessed Value
$247,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pendleton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46064 | $151,230 | $194,650 | $240,900 | $311,650 | $433,540 |
Source: Ownwell
Property Tax Bills Across Pendleton, Indiana
In Pendleton, located in Hancock County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the home's market value, location, and any applicable exemptions or deductions are considered in this process. For instance, homeowners in Pendleton with a median home price of $240,900 can expect their tax bills to vary significantly. The 25th percentile tax bill is around $905, while those in the 75th percentile pay approximately $2,039, and the 90th percentile sees bills as high as $3,081. These figures highlight the range of tax burdens homeowners might face, influenced by the home's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, Pendleton's property tax rates can have a considerable impact on homeowners, affecting their overall financial planning and homeownership costs.
Average Pendleton Tax Bill
$1,350
Average Hancock County Tax Bill
$2,024
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Pendleton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46064 | $552 | $905 | $1,350 | $2,039 | $3,081 |
Source: Ownwell