Fulton, Indiana Property Taxes
The median property tax rate in Fulton, IN is 0.93%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Fulton at $53,550, the typical annual property tax bill amounts to $424, which is significantly lower than the national median of $2,690. Property taxes in Fulton 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 Fulton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fulton 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
Fulton, 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 Fulton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fulton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fulton 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 Fulton, Indiana
Property taxes in Fulton, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulton is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Fulton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulton 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 Fulton's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46931 has the highest median property tax rate of 0.93%, while the zip code 46931 also has the lowest median tax rate of 0.93%. Understanding how these areas compare with Fulton provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulton Tax Rate
0.93%
Average Fulton County Tax Rate
0.68%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46931 | 0.43% | 0.58% | 0.93% | 1.96% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Fulton, Indiana
In Fulton, 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 Fulton 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 Fulton, 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 Fulton 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 46931, with a median tax bill of $424.
Average Fulton Assessed Value
$53,550
Average Fulton County Assessed Value
$110,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fulton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46931 | $21,730 | $32,725 | $53,550 | $68,400 | $96,220 |
Source: Ownwell
Property Tax Bills Across Fulton, Indiana
In Fulton, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $53,550, homeowners can expect to pay different amounts depending on their specific circumstances. The tax bill for the 25th percentile is $248, while the 75th percentile sees a tax bill of $806, and the 90th percentile reaches up to $1,140. These variations highlight how property values and individual assessments impact tax obligations. Compared to the national median property tax rate of 0.99%, Fulton’s tax rates can present a more affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly. The highest and lowest median tax bills in the area both stand at $424, emphasizing the consistency in tax assessments within the region.
Average Fulton Tax Bill
$424
Average Fulton County Tax Bill
$797
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulton, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46931 | $175 | $248 | $424 | $806 | $1,140 |
Source: Ownwell