Oakland City, Indiana Property Taxes
The median property tax rate in Oakland City, IN is 0.48%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Oakland City at $200,600, the typical annual property tax bill is approximately $891, well below the national median of $2,690. Property taxes in Oakland City are calculated based on the tax assessed value, which often 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 Warrick County, 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 assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oakland City with just two data points. By entering your property's estimated assessed value, the calculator uses 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, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland City is 0.81%, which is higher than the Indiana state median of 0.76% but still below 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 highest median property tax rate in the area is also 0.81%, found in the same zip code, while the lowest median tax rate is similarly 0.81%. Understanding how these cities compare with Oakland City provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland City Tax Rate
0.48%
Average Warrick County Tax Rate
0.75%
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 | 0.40% | 0.46% | 0.48% | 0.49% | 0.62% |
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 local appraisal district 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. The median home price in Oakland City is $200,600, with tax bills ranging from the 25th percentile at $734 to the 90th percentile at $1,392. The zip code with the highest and lowest median tax bill is 47660, both valued at $891. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakland City Assessed Value
$200,600
Average Warrick County Assessed Value
$208,800
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 | $126,960 | $182,100 | $200,600 | $259,700 | $300,320 |
Source: Ownwell
Property Tax Bills Across Oakland City, Indiana
In Oakland City, located in Warrick County, Indiana, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in this area is $200,600. Property taxes are influenced by various factors, including the assessed value, tax rates set by local jurisdictions, and any applicable exemptions or deductions. Homeowners in Oakland City can expect their property tax bills to vary widely. For example, the 25th percentile tax bill is $734, while the 75th percentile reaches $1,243, and the 90th percentile goes up to $1,392. These figures illustrate the range of property tax obligations homeowners might face, depending on their property's assessed value and any qualifying tax relief programs. Compared to the national median property tax rate of 0.99%, the median tax bill in Oakland City is relatively moderate. However, homeowners should be aware of the potential for fluctuations and consider how property tax bills will impact their overall housing costs.
Average Oakland City Tax Bill
$891
Average Warrick County Tax Bill
$1,576
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 | $680 | $734 | $891 | $1,243 | $1,392 |
Source: Ownwell