Odon, Indiana Property Taxes
The median property tax rate in Odon, Indiana is 0.78%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Odon at $165,100, the typical annual property tax bill reaches $1,322, falling below the national median of $2,690. Property taxes in Odon are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Odon'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 Odon or another part of Daviess County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Odon, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,288
Ownwell’s ODON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ODON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ODON 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 Odon, Indiana
Property taxes in Odon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Odon is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Odon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Odon 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 Odon's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47562 has the highest median property tax rate of 0.78%, while the lowest median tax rate is also 0.78%. Understanding how these cities compare with Odon provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odon Tax Rate
0.78%
Average Daviess County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47562 | 0.46% | 0.62% | 0.78% | 1.25% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Odon, Indiana
In ODON, 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 Daviess 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 ODON, 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 ODON 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 $1,322 in the 47562 zip code, which is also the lowest median tax bill recorded.
Average Odon Assessed Value
$165,100
Average Daviess County Assessed Value
$140,350
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47562 | $54,300 | $97,050 | $165,100 | $259,350 | $361,700 |
Source: Ownwell
Property Tax Bills Across Odon, Indiana
In ODON, located in Daviess County, IN, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $165,100, homeowners can expect varying tax bills depending on their property's assessed value and any applicable exemptions. Factors such as property size, location, and improvements play a significant role in the assessment process. Homeowners in ODON may experience tax bills as low as $672 at the 25th percentile, while those at the 75th percentile might see bills around $2,318. At the 90th percentile, tax bills can reach up to $3,557. Compared to the national median property tax rate of 0.99%, ODON's tax bills reflect the local economic conditions and property values. Understanding these factors is crucial for homeowners to anticipate their financial obligations and plan accordingly.
Average Odon Tax Bill
$1,322
Average Daviess County Tax Bill
$1,299
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Odon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47562 | $325 | $672 | $1,322 | $2,318 | $3,557 |
Source: Ownwell