Oldenburg, Indiana Property Taxes
The median property tax rate in Oldenburg, IN is 0.70%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Oldenburg at $215,150, the typical annual property tax bill reaches $1,614, significantly below the national median of $2,690. Property taxes in Oldenburg 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 Oldenburg'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 Oldenburg 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
Oldenburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,506
Ownwell’s Oldenburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oldenburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oldenburg 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 Oldenburg, Indiana
Property taxes in Oldenburg, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oldenburg is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Oldenburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oldenburg 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 Oldenburg's effective property tax rate to other areas in Franklin County and the national median. For comparison, the zip code 47036 in Franklin County has the highest median property tax rate of 0.70%, which is the same as the lowest median tax rate in the region. Understanding how these areas compare with Oldenburg provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oldenburg Tax Rate
0.70%
Average Franklin County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oldenburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47036 | 0.49% | 0.60% | 0.70% | 0.85% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Oldenburg, Indiana
In Oldenburg, 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 Franklin 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 Oldenburg, 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 Oldenburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,614, found in zip code 47036.
Average Oldenburg Assessed Value
$215,150
Average Franklin County Assessed Value
$167,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oldenburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47036 | $99,920 | $159,775 | $215,150 | $290,375 | $431,570 |
Source: Ownwell
Property Tax Bills Across Oldenburg, Indiana
In Oldenburg, property tax bills are calculated based on the assessed value of a home, which is determined by the Franklin County Assessor's Office. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Oldenburg, the median home price is $215,150, and the property tax rate is reflective of the local fiscal policies. Factors such as property size, location, and improvements can influence the assessed value. For instance, properties in the zip code 47036 have a median tax bill of $1,614. Homeowners in the 25th percentile can expect to pay around $1,064, while those in the 75th percentile might pay up to $2,506. The top 10% of tax bills can reach as high as $3,415. Compared to the national median property tax rate of 0.99%, Oldenburg's property tax rates can vary significantly, impacting homeowners differently based on their property's assessed value and specific local tax rates.
Average Oldenburg Tax Bill
$1,614
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Oldenburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47036 | $604 | $1,064 | $1,614 | $2,506 | $3,415 |
Source: Ownwell