Fair Oaks, Indiana Property Taxes
The median property tax rate in Fair Oaks, IN is 1.01%, slightly higher 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 $246,400, the typical annual property tax bill reaches $2,482, just below the national median of $2,690. Property taxes in Fair Oaks are calculated based on the tax assessed value, which typically falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fair Oaks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fair Oaks or another part of Newton County, understanding 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 is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Fair Oaks. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Fair Oaks to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, neighborhood-level trends are available further down the page. Your property's assessed value, determined by Newton County, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Fair Oaks, Indiana
Property taxes in Fair Oaks, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fair Oaks is 0.89%, which is lower than both the Indiana state median of 0.87% and 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 both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Fair Oaks provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fair Oaks Tax Rate
1.01%
Average Newton County Tax Rate
0.94%
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 | 0.69% | 0.88% | 1.01% | 1.44% | 1.72% |
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 Newton 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 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. The zip code 47943 has the highest median tax bill at $2,482, which is essential information for local homeowners.
Average Fair Oaks Assessed Value
$246,400
Average Newton County Assessed Value
$139,700
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 | $135,100 | $173,850 | $246,400 | $339,550 | $592,270 |
Source: Ownwell
Property Tax Bills Across Fair Oaks, Indiana
In Fair Oaks, property tax bills are calculated based on the assessed value of a home, which is determined by the Newton County Assessor's Office. The assessed value is a percentage of the market value of the property. Various factors such as the size, location, and condition of the property are considered during this assessment. Homeowners in Fair Oaks experience varying tax bills. For instance, the tax bill at the 25th percentile is $1,680, while at the 75th percentile, it rises to $3,902. The 90th percentile tax bill can go as high as $7,848. Comparatively, the highest and lowest median tax bills in the county are both $2,482, which is higher than the national median property tax rate of 0.99%. These property taxes can significantly impact homeowners, influencing their annual budgeting and long-term financial planning. Higher tax bills may also affect property values and the decision-making process for potential buyers. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Fair Oaks Tax Bill
$2,482
Average Newton County Tax Bill
$1,323
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 | $969 | $1,680 | $2,482 | $3,902 | $7,848 |
Source: Ownwell