Prairie Creek, Vigo County, Indiana Property Taxes
The median property tax rate in Prairie Creek, IN is 0.99%, aligning with both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Prairie Creek at $71,200, the typical annual property tax bill reaches $799, significantly lower than the national median of $2,690. Property taxes in Prairie Creek are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prairie Creek'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 Prairie Creek or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prairie Creek, Vigo County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$705
$654
Ownwell’s Prairie Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prairie Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prairie Creek 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 Prairie Creek, Vigo County, Indiana
Property taxes in Prairie Creek, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prairie Creek is 0.99%, which aligns with both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Prairie Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prairie Creek 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 Prairie Creek's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47869 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Prairie Creek 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 Prairie Creek Tax Rate
0.99%
Average Vigo County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie Creek, Vigo County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47869 | 0.47% | 0.68% | 0.99% | 2.11% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Prairie Creek, Vigo County, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prairie Creek, Indiana. 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 Prairie Creek, 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. The median home price in Prairie Creek is $71,200, with tax bills ranging from $383 at the 25th percentile to $1,563 at the 90th percentile. The zip code with the highest median tax bill is 47869, amounting to $799. 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 Prairie Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Prairie Creek, Vigo County, Indiana
Source: Ownwell
$60,300
$97,450
$134,600
Average Prairie Creek Assessed Value
$71,200
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 Prairie Creek, Vigo County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47869 | $26,000 | $46,300 | $71,200 | $111,100 | $140,900 |
Source: Ownwell
Property Tax Bills Across Prairie Creek, Vigo County, Indiana
In Prairie Creek, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. Homeowners in Prairie Creek, Vigo County, typically see tax bills that vary widely depending on the value of their homes. For instance, the median home price in Prairie Creek is $71,200. Tax bills can range significantly, with the 25th percentile at $383 and the 75th percentile reaching $1,254. At the 90th percentile, homeowners might see tax bills as high as $1,563. The highest median tax bill recorded in the area is $799, which is consistent across the zip code 47869. These property taxes fund essential public services such as schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated and their potential variability is crucial for financial planning and maintaining property affordability.
Average Prairie Creek Tax Bill
$799
Average Vigo County Tax Bill
$1,148
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie Creek, Vigo County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47869 | $251 | $383 | $799 | $1,254 | $1,563 |
Source: Ownwell