47564 Property Tax Rate

Property owners in ZIP code 47564 (Otwell, Indiana) pay a median of $1,237/year in property taxes on homes valued at $148,100. This translates to an effective tax rate of 0.84%, which is 20% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47564 is approximately $103, which factors into escrow payments on mortgages. This ZIP code is located within Pike County.

Compared to similar ZIP codes in Indiana, 47564 has higher property taxes. ZIP codes with similar effective rates include 46062 (0.83%) and 46112 (0.83%).

In Otwell, property taxes represent approximately 2.1% of the median household income of $59,125, providing context for the relative tax burden on homeowners in this area.

Pike County will reassess your home to market value during the next triennial cycle; your purchase price establishes the new assessed value for tax purposes. Pike County residents qualify for a Homestead Exemption, Veteran's Exemption, and Senior Exemption (65+)—apply with the Pike County Assessor within 60 days of purchase. File all applicable exemption claims at the Pike County Assessor's office before the deadline specified in your assessment notice to activate tax reductions.