Palmyra, Harrison County, Indiana Property Taxes

Name: Property Tax Bills Across Palmyra, Harrison County, Indiana
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Palmyra, IN effective property tax rate: 0.65%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Palmyra, IN home value: $150,400
Median annual Palmyra, IN tax bill: $986, $1,414 lower than the national median property tax bill of $2,400.

How are property taxes in Harrison County calculated?

Property taxes in Palmyra, IN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Palmyra’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Palmyra, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Palmyra, Harrison County, Indiana Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.65%

Estimate Property Tax Bill

$978

$907

Ownwell’s Palmyra Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Palmyra with just two data points.

By entering your property's estimated assessed value, our calculator applies Palmyra’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Harrison County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Palmyra, Harrison County, Indiana

Local government entities are responsible for setting property tax rates, which can vary significantly across different areas. This variation is primarily because each county, like Harrison County, determines its budgetary needs annually and divides that by the total value of all taxable properties within its jurisdiction. This process results in the property tax rate that residents, including those in Palmyra, must pay. Although the setting of tax rates and budgets involves votes and legislation, this annual process essentially outlines how rates are determined.

In Palmyra, the effective property tax rate is an essential figure for homeowners to consider, especially when comparing it to other cities in Indiana and the national median. With Indiana's median property tax rate below the national average, residents might find themselves with a lower tax bill compared to other states. Understanding these rates can help property owners make informed decisions about their investments and potential savings through tax appeals and exemptions.

Property Tax Rates Across Palmyra, Harrison County, Indiana

Source: Ownwell

0.51%

0.60%

0.69%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Palmyra Tax Rate

0.65%

Median Effective Harrison County Tax Rate

0.61%

Median Effective Indiana Tax Rate

0.99%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Palmyra, Harrison County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
47164	0.36%	0.51%	0.65%	1.03%	1.33%

Source: Ownwell

Property Tax Assessment Values Across Palmyra, Harrison County, Indiana

When examining property taxes in Palmyra, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Harrison County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Harrison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Palmyra. For example, the median home price in Palmyra is $150,400, with tax bills ranging significantly across the county. Zip code 47164 has the highest median home price at $150,400.

Property Tax Assessment Values Across Palmyra, Harrison County, Indiana

Source: Ownwell

$93,300

$169,525

$245,750

Median Palmyra Market Value

$150,400

Median Harrison County Market Value

$175,400

Median Indiana Market Value

$170,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Palmyra, Harrison County, Indiana

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
47164	$38,780	$99,450	$150,400	$225,750	$301,660

Source: Ownwell

Property Tax Bills Across Palmyra, Harrison County, Indiana

In Palmyra, located in Harrison County, Indiana, property tax bills are determined based on the assessed value of a home. This assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate. The median property tax bill in Palmyra is notably lower than the national median, reflecting the area's relatively modest home prices. While the national median property tax rate stands at 1.02%, homeowners in Palmyra benefit from a more favorable tax environment. Factors such as property location, improvements, and local government budgets influence the final tax bill. Homeowners can face bills ranging from $496 at the 25th percentile to $2,630 at the 90th percentile. Ownwell provides specialized services to assist homeowners in reducing their property tax bills. By offering expert property tax appeal and exemption services, Ownwell helps homeowners ensure their properties are fairly assessed, potentially leading to significant savings. This can be especially beneficial for those facing higher tax bills, allowing them to enjoy greater financial relief.

Property Tax Bills Across Palmyra, Harrison County, Indiana

Source: Ownwell

$522

$959

$1,395

Median Palmyra Tax Bill

$986

Median Harrison County Tax Bill

$1,112

Median Indiana Tax Bill

$1,691

Median United States Tax Bill

$2,400

Property Tax Bills Across Palmyra, Harrison County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
47164	$214	$496	$986	$1,684	$2,630

Source: Ownwell