Oakland City, Indiana Property Taxes
The median property tax rate in Oakland City, IN is 1.21%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Oakland City, the typical annual property tax bill reaches $1,379, exceeding the national median of $2,690. Property taxes in Oakland City 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 Oakland City'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 Oakland City 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
Oakland City, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Oakland City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakland City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland City 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 Oakland City, Indiana
Property taxes in Oakland City, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland City is 1.21%, which is higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Oakland City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland City 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 Oakland City's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47660 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these areas compare with Oakland City provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland City Tax Rate
1.21%
Average Pike County Tax Rate
1.08%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47660 | 0.69% | 0.97% | 1.21% | 1.94% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across Oakland City, Indiana
In Oakland City, 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 Pike 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 Oakland City, 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 Oakland City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47660 has the highest median tax bill at $1,379, while the lowest median tax bill is also in zip code 47660 at $1,379.
Average Oakland City Assessed Value
$116,950
Average Pike County Assessed Value
$98,750
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47660 | $33,890 | $67,850 | $116,950 | $174,075 | $215,290 |
Source: Ownwell
Property Tax Bills Across Oakland City, Indiana
In Oakland City, located in Pike County, IN, property tax bills are calculated based on the assessed value of a home. Assessors determine this value by evaluating the property's market value, which is $116,950 for the median home. The property tax rate is applied to this assessed value to produce the annual tax bill. Various factors, such as property improvements and market conditions, can influence the assessed value, thereby impacting the tax bill. Homeowners in Oakland City experience a range of property tax bills. The 25th percentile tax bill is $748, while those in the 75th percentile pay around $2266. The top 10% of taxpayers face bills as high as $3221. These figures highlight the variability in tax obligations across different properties. Compared to the national median property tax rate of 0.99%, Oakland City's tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors can help homeowners better anticipate their annual property tax liabilities.
Average Oakland City Tax Bill
$1,379
Average Pike County Tax Bill
$1,051
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47660 | $398 | $748 | $1,379 | $2,266 | $3,221 |
Source: Ownwell