Freedom, Indiana Property Taxes
The median property tax rate in Freedom, IN is 0.76%, 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 Freedom at $136,150, the typical annual property tax bill is $1,080, significantly below the national median of $2,690. Property taxes in Freedom are calculated based on the assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Freedom'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 Freedom or another part of Owen County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Freedom, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,035
Ownwell’s Freedom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freedom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freedom 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 Freedom, Indiana
Property taxes in Freedom, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freedom is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Freedom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freedom 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 Freedom's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47431 has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Freedom provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freedom Tax Rate
0.76%
Average Owen County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freedom, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47431 | 0.44% | 0.60% | 0.76% | 1.30% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Freedom, Indiana
In Freedom, 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 local appraisal district 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 Freedom, 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 Freedom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Owen County, the zip code 47431 has the highest median tax bill of $1080, which aligns with the lowest median tax bill, reflecting the median home price of $136,150.
Average Freedom Assessed Value
$136,150
Average Owen County Assessed Value
$135,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freedom, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47431 | $39,600 | $80,275 | $136,150 | $203,950 | $288,120 |
Source: Ownwell
Property Tax Bills Across Freedom, Indiana
Property tax bills in Freedom, located in Owen County, Indiana, are calculated based on the assessed value of a property. The assessed value is determined by the local assessor's office and reflects the market value of the property. Homeowners in Freedom can expect their tax bills to fall within a range influenced by several factors, including the property's assessed value, local tax rates, and applicable exemptions. For example, homes in Freedom have a median home price of $136,150. The property tax rate in Indiana is generally lower than the national median of 0.99%. Consequently, Freedom's tax bills range from $596 at the 25th percentile to $2,619 at the 90th percentile, with the highest median tax bill in the area being $1,080. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated and the range of possible tax bills can help homeowners in Freedom budget more effectively and take advantage of any available exemptions.
Average Freedom Tax Bill
$1,080
Average Owen County Tax Bill
$1,105
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Freedom, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47431 | $317 | $596 | $1,080 | $1,780 | $2,619 |
Source: Ownwell