Fairmount, Indiana Property Taxes
The median property tax rate in Fairmount, IN is 0.83%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Fairmount at $144,150, the typical annual property tax bill comes to $1,174, significantly below the national median of $2,690. Property taxes in Fairmount are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Fairmount'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 Fairmount 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
Fairmount, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,196
Ownwell’s Fairmount Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmount 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 Fairmount, Indiana
Property taxes in Fairmount, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmount is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Fairmount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmount 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 Fairmount's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46928 in Madison County has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Fairmount provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairmount Tax Rate
0.83%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmount, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46928 | 0.72% | 0.73% | 0.83% | 0.91% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Fairmount, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fairmount, Indiana. The market value refers to 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 Madison 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 Fairmount, 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. For example, the median home price in Fairmount is $144,150, with tax bills ranging from $940 at the 25th percentile to $1,508 at the 75th percentile. The highest and lowest median tax bills are both $1,174, found in zip code 46928. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairmount Assessed Value
$144,150
Average Madison County Assessed Value
$92,550
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmount, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46928 | $89,720 | $122,300 | $144,150 | $172,725 | $203,220 |
Source: Ownwell
Property Tax Bills Across Fairmount, Indiana
In Fairmount, located in Madison County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Fairmount is $144,150. Property taxes are then calculated by applying the local tax rate to this assessed value. Homeowners in the 25th percentile can expect a tax bill around $940, while those in the 75th percentile might see bills closer to $1,508. For the top 10% of properties, tax bills can reach up to $2,598. The local tax rate in Fairmount is influenced by various factors, including funding requirements for public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Fairmount’s tax bills reflect the specific needs and budgetary requirements of the community. Homeowners need to understand these factors as they directly impact their annual financial obligations and the overall cost of owning property in Fairmount.
Average Fairmount Tax Bill
$1,174
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmount, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46928 | $805 | $940 | $1,174 | $1,508 | $2,598 |
Source: Ownwell