Petersburg, Indiana Property Taxes
The median property tax rate in Petersburg, IN is 1.07%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Petersburg at $98,400, the typical annual property tax bill reaches $1,027, exceeding the national median of $2,690. Property taxes in Petersburg 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 Petersburg'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 Petersburg 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
Petersburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,053
Ownwell’s Petersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petersburg 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 Petersburg, Indiana
Property taxes in Petersburg, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petersburg is 1.07%, higher than the U.S. national median of 0.99%. Local government entities within Petersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petersburg 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 Petersburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47567 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Petersburg provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petersburg Tax Rate
1.07%
Average Pike County Tax Rate
1.08%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47567 | 0.56% | 0.93% | 1.07% | 1.88% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Petersburg, Indiana
In Petersburg, 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 Pike 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 Petersburg, 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 Petersburg 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 in Petersburg is 47567, with a median tax bill of $1,027.
Average Petersburg Assessed Value
$98,400
Average Pike County Assessed Value
$98,750
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47567 | $17,100 | $48,800 | $98,400 | $150,800 | $214,020 |
Source: Ownwell
Property Tax Bills Across Petersburg, Indiana
In Petersburg, located in Pike County, Indiana, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local assessors who evaluate the property's market value. For instance, with a median home price of $98,400, homeowners can expect varying tax bills depending on their property's assessed value and applicable tax rates. The tax bill for properties in the 25th percentile is around $515, while those in the 75th percentile see bills closer to $1,775. The 90th percentile tax bills can reach up to $2,634. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Homeowners in the 47567 zip code, for example, face a median tax bill of $1,027. This amount is notably higher than the national median property tax rate of 0.99%, highlighting the region's relatively higher property tax burden. Understanding these calculations helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Petersburg Tax Bill
$1,027
Average Pike County Tax Bill
$1,051
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Petersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47567 | $181 | $515 | $1,027 | $1,775 | $2,634 |
Source: Ownwell