Oaktown, Indiana Property Taxes
The median property tax rate in Oaktown, IN is 1.03%, slightly higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Oaktown at $101,650, the typical annual property tax bill reaches $1,221, which is below the national median of $2,690. Property taxes in Oaktown are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oaktown'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 Oaktown 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
Oaktown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,047
Ownwell’s Oaktown Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Oaktown using just two key data points. Simply input your property's estimated assessed value, and the calculator will apply the median tax rate in Oaktown to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, scroll down to access localized information at the neighborhood level. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Oaktown, Indiana
Property taxes in OAKTOWN, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in OAKTOWN is 1.03%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within OAKTOWN set these rates annually, and they can vary significantly across different neighborhoods. Each year, OAKTOWN 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 OAKTOWN's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47561 zip code has the highest median property tax rate of 1.03%, while the same 47561 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with OAKTOWN provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oaktown Tax Rate
1.03%
Average Sullivan County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oaktown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47561 | 0.67% | 0.81% | 1.03% | 1.80% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Oaktown, Indiana
In OAKTOWN, 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 Sullivan 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 OAKTOWN, 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 OAKTOWN helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 47561, with a median bill of $1,221.
Average Oaktown Assessed Value
$101,650
Average Sullivan County Assessed Value
$68,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oaktown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47561 | $40,110 | $60,950 | $101,650 | $140,075 | $194,480 |
Source: Ownwell
Property Tax Bills Across Oaktown, Indiana
In Oaktown, located in Sullivan County, IN, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by local assessors who evaluate the property's market value. Homeowners in Oaktown can expect varying tax bills depending on their property's assessed value. For instance, the median home price in Oaktown is $101,650. Property tax bills in this area range significantly, with the 25th percentile tax bill at $612 and the 75th percentile tax bill reaching $2,426. The 90th percentile tax bill is even higher at $2,880. Factors that influence these tax bills include the property's location, size, and any improvements made. Compared to the national median property tax rate of 0.99%, Oaktown's tax rates can be seen as moderate. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding these factors helps homeowners anticipate their annual financial obligations and the benefits they receive in return.
Average Oaktown Tax Bill
$1,221
Average Sullivan County Tax Bill
$721
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Oaktown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47561 | $319 | $612 | $1,221 | $2,426 | $2,880 |
Source: Ownwell