Parker City, Indiana Property Taxes
The median property tax rate in Parker City, IN is 0.95%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Parker City, the typical annual property tax bill reaches $963, significantly lower than the national median of $2,690. Property taxes in Parker City 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 Parker City'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 Parker City or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parker City, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$938
Ownwell’s Parker City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parker City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parker City 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 Parker City, Indiana
Property taxes in Parker City, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parker City is 0.95%, which is lower than the U.S. national median of 0.99%. Local government entities within Parker City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parker City 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 Parker City's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47368 zip code has both the highest and lowest median property tax rate in Randolph County at 0.95%. Understanding how these areas compare with Parker City provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parker City Tax Rate
0.95%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parker City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47368 | 0.48% | 0.72% | 0.95% | 1.51% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Parker City, Indiana
In Parker City, 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 Randolph County Assessor's Office 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47368 has both the highest and lowest median tax bill at $963.00.
Average Parker City Assessed Value
$98,750
Average Randolph County Assessed Value
$87,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parker City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47368 | $43,800 | $70,250 | $98,750 | $146,975 | $230,500 |
Source: Ownwell
Property Tax Bills Across Parker City, Indiana
In Parker City, Randolph County, IN, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by local assessors who evaluate the market value of your property. This value is then multiplied by the local tax rate to determine your annual tax bill. The tax rate in Parker City is reflective of the broader state and local budget needs, which fund essential services such as schools, infrastructure, and public safety. Homeowners in Parker City experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $550, while those at the 75th percentile pay around $1,550. At the higher end, the 90th percentile sees tax bills reaching $2,800. Comparing this to the national median property tax rate of 0.99%, Parker City homeowners generally experience moderate tax burdens. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Parker City Tax Bill
$963
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Parker City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47368 | $277 | $550 | $963 | $1,550 | $2,800 |
Source: Ownwell