Fairland, Indiana Property Taxes
The median property tax rate in Fairland, IN is 0.69%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $178,500 in Fairland, the typical annual property tax bill is $1,232, which is below the national median of $2,690. Property taxes in Fairland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Fairland'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 Fairland or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairland, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,232
Ownwell’s Fairland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairland 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 Shelby County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fairland, Indiana
Property taxes in Fairland, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairland is 0.69%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Fairland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairland 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 Fairland's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46126 zip code has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Fairland provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairland Tax Rate
0.69%
Average Shelby County Tax Rate
0.85%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46126 | 0.38% | 0.56% | 0.69% | 0.88% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Fairland, Indiana
In Fairland, 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 Shelby 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 Fairland, 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 Fairland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fairland is $178,500, with tax bills ranging from the 25th percentile at $676 to the 90th percentile at $3,025. The zip code with the highest and lowest median tax bill is 46126, both at $1,232.
Average Fairland Assessed Value
$178,500
Average Shelby County Assessed Value
$152,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46126 | $66,700 | $111,100 | $178,500 | $264,700 | $378,640 |
Source: Ownwell
Property Tax Bills Across Fairland, Indiana
In Fairland, Shelby County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically reflects a percentage of the property's market value. Homeowners in Fairland can expect their property tax bills to vary significantly depending on the value of their homes. For instance, the median home price in Fairland is $178,500. At the 25th percentile, property tax bills are around $676, while at the 75th percentile, they can reach up to $2,090. For those at the 90th percentile, tax bills can be as high as $3,025. These tax bills fund essential public services such as schools, roads, and emergency services, impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Fairland's tax bills reflect the local government's need to balance revenue with public service demands, ensuring that homeowners contribute fairly based on their property's value.
Average Fairland Tax Bill
$1,232
Average Shelby County Tax Bill
$1,312
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46126 | $287 | $676 | $1,232 | $2,090 | $3,025 |
Source: Ownwell