Pimento, Indiana Property Taxes
The median property tax rate in Pimento, Indiana, is 1.04%, slightly higher than the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Pimento at $104,950, the typical annual property tax bill reaches $1,103, surpassing the national median of $2,690. Property taxes in Pimento are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Pimento'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 Pimento or another part of the city, grasping 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
1.04%
Estimate Property Tax Bill
$1,091
-$11,439
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 such as public schools, road maintenance, and emergency services. The median tax rate in Pimento is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Pimento set these rates annually, and they can vary significantly 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 areas and the national median. For comparison, the 47866 zip code has both the highest and the lowest median property tax rate of 1.04%. Understanding how these areas compare with Pimento provides valuable insights into the varying tax landscape across Vigo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pimento Tax Rate
1.04%
Average Vigo County Tax Rate
1.01%
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 | 0.59% | 0.75% | 1.04% | 1.90% | 2.12% |
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 Vigo 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 highest median tax bill in the area is $1103 in the 47866 zip code, while the lowest median tax bill is also $1103 in the same zip code.
Average Pimento Assessed Value
$104,950
Average Vigo County Assessed Value
$100,700
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 | $35,200 | $65,075 | $104,950 | $169,375 | $217,210 |
Source: Ownwell
Property Tax Bills Across Pimento, Indiana
Property tax bills in Pimento, located in Vigo County, Indiana, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is a percentage of the market value of the home, and this figure is then multiplied by the local property tax rate to determine the annual tax bill. In Pimento, the median home price stands at $104,950, and property tax bills vary significantly across different percentiles. For instance, homeowners in the 25th percentile pay around $579, while those in the 75th percentile face bills closer to $1,926. At the 90th percentile, tax bills can reach as high as $3,016. The highest median tax bill in the area is $1,103, found in the 47866 zip code. These figures highlight the variability in property tax obligations, which can significantly impact homeowners' annual expenses. Comparing these values to the national median property tax rate of 0.99% provides a clearer picture of how Pimento's property taxes stack up on a broader scale.
Average Pimento Tax Bill
$1,103
Average Vigo County Tax Bill
$1,148
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 | $373 | $579 | $1,103 | $1,926 | $3,016 |
Source: Ownwell