Poseyville, Indiana Property Taxes
The median property tax rate in Poseyville, IN is 0.84%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Poseyville at $130,300, the typical annual property tax bill amounts to $1,107, falling below the national median of $2,690. Property taxes in Poseyville are calculated based on the assessed value, which often comes in lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Poseyville'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 Poseyville or another part of the city, 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
0.84%
Estimate Property Tax Bill
$1,095
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 essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Poseyville is 0.84%, which is lower than both the Indiana state median and 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 both the highest and lowest median property tax rate of 0.84%. 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
0.84%
Average Posey County Tax Rate
0.86%
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 | 0.42% | 0.64% | 0.84% | 1.07% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Poseyville, Indiana
In Poseyville, 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 local assessment authorities 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 median home price in Posey County is $130,300, with the highest median tax bill found in zip code 47633 at $1,107.
Average Poseyville Assessed Value
$130,300
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 Poseyville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47633 | $36,860 | $85,325 | $130,300 | $186,625 | $270,060 |
Source: Ownwell
Property Tax Bills Across Poseyville, Indiana
In Poseyville, Indiana, property tax bills are calculated based on the assessed value of your home, which is determined by the Posey County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, the median home price in Poseyville is $130,300. Homeowners in Poseyville can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $563, while those at the 75th percentile can reach $1,769. The 90th percentile sees tax bills as high as $2,777. The highest median tax bill in the area is $1,107, all within the zip code 47633. Compared to the national median property tax rate of 0.99%, Poseyville's tax rates can offer both affordable and higher-end ranges, impacting homeowners differently based on their property's assessed value and specific circumstances.
Average Poseyville Tax Bill
$1,107
Average Posey County Tax Bill
$1,290
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 | $266 | $563 | $1,107 | $1,769 | $2,777 |
Source: Ownwell