Farmland, Indiana Property Taxes
The median property tax rate in Farmland, IN is 0.96%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Farmland at $96,600, the typical annual property tax bill is $993, falling well below the national median of $2,690. Property taxes in Farmland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Farmland'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 Farmland 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
Farmland, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$927
Ownwell’s Farmland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmland 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 Farmland, Indiana
Property taxes in Farmland, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmland is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities within Farmland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmland 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 Farmland's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47340 zip code, which encompasses Farmland, has a consistent median property tax rate of 0.96%. Understanding how these rates compare with Farmland provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmland Tax Rate
0.96%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47340 | 0.54% | 0.79% | 0.96% | 1.54% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Farmland, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farmland, 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 Randolph 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. Assessment notices in Farmland 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. Farmland's median home price is $96,600, with tax bills ranging from $611 at the 25th percentile to $2,816 at the 90th percentile. The zip code 47340 has the highest and lowest median tax bill of $993. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farmland Assessed Value
$96,600
Average Randolph County Assessed Value
$87,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47340 | $39,480 | $64,600 | $96,600 | $151,900 | $234,480 |
Source: Ownwell
Property Tax Bills Across Farmland, Indiana
In Farmland, Randolph County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors contribute to the final tax bill, including the property's market value, any applicable exemptions, and the specific tax rate set by local authorities. For homeowners in Farmland, the median home price is $96,600, with tax bills ranging significantly. The 25th percentile tax bill is $611, while the 75th percentile reaches $1,656, and the 90th percentile can go up to $2,816. The highest and lowest median tax bills in the area both stand at $993 in the 47340 zip code. Compared to the national median property tax rate of 0.99%, Farmland's tax rates can vary widely, impacting homeowners differently based on their property's assessed value and applicable exemptions. This variability underscores the importance of understanding local tax policies and potential savings through exemptions.
Average Farmland Tax Bill
$993
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47340 | $320 | $611 | $993 | $1,656 | $2,816 |
Source: Ownwell