Pimento, Indiana Property Taxes
The median property tax rate in Pimento, IN is 0.63%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $80,150 in Pimento, the typical annual property tax bill is around $484, significantly less than the national median of $2,690. Property taxes in Pimento are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Pimento's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pimento or another part of Sullivan County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pimento, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$505
Ownwell’s Pimento Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pimento with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pimento 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 Pimento, Indiana
Property taxes in Pimento, Indiana, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Pimento is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Pimento set these rates annually, and they can vary across different neighborhoods. Each year, Pimento 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 Pimento's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47866 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Pimento provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pimento Tax Rate
0.63%
Average Sullivan County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pimento, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47866 | 0.30% | 0.47% | 0.63% | 0.85% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Pimento, Indiana
In Pimento, 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 Sullivan 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 Pimento, 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 Pimento 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 is 47866, with a median tax bill of $484.
Average Pimento Assessed Value
$80,150
Average Sullivan County Assessed Value
$68,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pimento, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47866 | $61,250 | $73,525 | $80,150 | $116,775 | $147,980 |
Source: Ownwell
Property Tax Bills Across Pimento, Indiana
In Pimento, Sullivan County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as the size of the property, location, and any improvements made can influence the assessed value. Homeowners in Pimento can expect property tax bills to vary significantly. For instance, the tax bill for the 25th percentile is $356, while the 75th percentile is $1,152, and the 90th percentile reaches $1,691. The median home price in Pimento is $80,150, and with the national median property tax rate at 0.99%, homeowners here might find their tax rates relatively manageable. However, specific local factors and assessments can cause variations. For example, the highest and lowest median tax bills in the area are both recorded at $484 in the 47866 zip code, indicating some consistency within that region. Understanding these factors can help homeowners anticipate and plan for their property tax obligations.
Average Pimento Tax Bill
$484
Average Sullivan County Tax Bill
$721
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Pimento, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47866 | $249 | $356 | $484 | $1,152 | $1,691 |
Source: Ownwell