Posey County, Indiana Property Taxes
The median property tax rate in Posey County is 0.86%, 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 $149,800 in Posey County, the typical annual property tax bill is around $1,290, significantly below the national median of $2,690. Property taxes in Posey County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions such as primary residence and agricultural exemptions. Understanding Posey County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you live in Mount Vernon or another part of Posey County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Posey County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,288
$1,195
Ownwell’s Posey County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Posey County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Posey County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property’s assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Posey County, Indiana
Property taxes in Posey County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Posey County is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Posey County set these rates annually, and they can vary significantly between different areas within the county. Each year, Posey County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Posey County's effective property tax rate with other counties in Indiana and the national median. For comparison, the city of Griffin has one of the higher property tax rates in Indiana at 1.00%, while the city of Evansville boasts one of the lowest at 0.75%. Analyzing how Posey County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Posey County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Posey County, Indiana
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Cynthiana | 0.50% | 0.67% | 0.86% | 1.66% | 2.00% |
| Evansville | 0.47% | 0.62% | 0.75% | 0.87% | 1.43% |
| Griffin | 0.46% | 0.65% | 1.00% | 1.83% | 2.33% |
| Mount Vernon | 0.54% | 0.71% | 0.92% | 1.02% | 1.88% |
| New Harmony | 0.47% | 0.71% | 0.91% | 1.63% | 1.90% |
| Poseyville | 0.42% | 0.64% | 0.84% | 1.07% | 1.73% |
| Wadesville | 0.52% | 0.72% | 0.85% | 0.96% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Posey County, Indiana
In Posey County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Posey County Appraisal District. The assessed value, however, 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 in Posey County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For example, Wadesville has the highest median tax bill at $1,562, while Griffin has the lowest at $358. Being aware of these valuation processes in Posey County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Posey County Assessed Value
$149,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Posey County, Indiana
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Cynthiana | $27,770 | $53,525 | $86,350 | $121,900 | $188,750 |
| Evansville | $86,660 | $141,200 | $196,300 | $273,100 | $355,900 |
| Griffin | $3,600 | $12,800 | $47,700 | $80,000 | $143,580 |
| Mount Vernon | $36,700 | $85,100 | $145,050 | $212,500 | $305,670 |
| New Harmony | $22,220 | $67,100 | $124,800 | $185,200 | $261,900 |
| Poseyville | $36,860 | $85,325 | $130,300 | $186,625 | $270,060 |
| Wadesville | $70,900 | $135,800 | $181,950 | $259,125 | $344,860 |
Source: Ownwell
Property Tax Bills Across Posey County, Indiana
In Posey County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, homeowners in Posey County experience a range of tax bills, with the 25th percentile paying around $695, while those at the 75th percentile see bills closer to $2,023. The highest median tax bill in the county is found in Wadesville at $1,562, whereas Griffin boasts the lowest median tax bill at $358. Factors such as property size, location, and home improvements play a significant role in determining the assessed value. Compared to the national median property tax rate of 0.99%, Posey County's rates can offer some relief to homeowners, especially those in areas like Griffin. However, higher-valued properties or those in certain locales like Wadesville may still face substantial tax bills, impacting overall housing affordability and homeowner expenses.
Average Posey County Tax Bill
$1,290
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Posey County, Indiana
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Cynthiana | $253 | $442 | $774 | $1,299 | $1,983 |
| Evansville | $411 | $897 | $1,511 | $2,227 | $3,065 |
| Griffin | $52 | $164 | $358 | $782 | $1,859 |
| Mount Vernon | $359 | $715 | $1,289 | $1,929 | $2,808 |
| New Harmony | $245 | $526 | $1,143 | $1,983 | $2,981 |
| Poseyville | $266 | $563 | $1,107 | $1,769 | $2,777 |
| Wadesville | $427 | $960 | $1,562 | $2,499 | $3,455 |
Source: Ownwell