Fair Oaks, Indiana Property Taxes
The median property tax rate in Fair Oaks, IN is 0.56%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Fair Oaks at $156,600, the typical annual property tax bill amounts to $867, which is well below the national median of $2,690. Property taxes in Fair Oaks are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fair Oaks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fair Oaks or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fair Oaks, 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 Fair Oaks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fair Oaks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fair Oaks 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 Fair Oaks, Indiana
Property taxes in Fair Oaks, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fair Oaks is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Fair Oaks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fair Oaks 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 Fair Oaks' effective property tax rate to other counties in Indiana and the national median. For comparison, the 47943 zip code has the highest median property tax rate of 0.56%, while the same 47943 zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Fair Oaks provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fair Oaks Tax Rate
0.56%
Average Jasper County Tax Rate
0.49%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fair Oaks, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47943 | 0.30% | 0.42% | 0.56% | 0.88% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Fair Oaks, Indiana
In Fair Oaks, 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 Jasper County Assessor's Office 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 Fair Oaks, 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 Fair Oaks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Fair Oaks are both $867, specifically in the 47943 zip code. The median home price in the area stands at $156,600, with tax bills ranging from $480 at the 25th percentile to $2,516 at the 90th percentile.
Average Fair Oaks Assessed Value
$156,600
Average Jasper County Assessed Value
$186,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fair Oaks, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47943 | $54,920 | $90,300 | $156,600 | $262,150 | $412,120 |
Source: Ownwell
Property Tax Bills Across Fair Oaks, Indiana
In Fair Oaks, property tax bills are calculated based on the assessed value of a homeowner's property. The assessment process involves determining the market value of the property, which is then multiplied by the local tax rate to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Fair Oaks is $156,600. Homeowners in Fair Oaks face varying tax bills, with the 25th percentile tax bill at $480 and the 75th percentile reaching $1,570. The highest median tax bill in the area is $867, found in the 47943 zip code. These figures highlight the range of property tax burdens in the community. Given that the national median property tax rate is 0.99%, Fair Oaks homeowners may find their tax bills relatively manageable or burdensome depending on their property's assessed value and the applicable tax rate. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Fair Oaks Tax Bill
$867
Average Jasper County Tax Bill
$974
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fair Oaks, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47943 | $277 | $480 | $867 | $1,570 | $2,516 |
Source: Ownwell