Fountain City, Indiana Property Taxes
The median property tax rate in Fountain City, IN is 0.62%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Fountain City at $108,750, the typical annual property tax bill reaches $907, well below the national median of $2,690. Property taxes in Fountain City are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fountain City'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 Fountain City or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fountain City, 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 Fountain City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fountain City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fountain City 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 Fountain City, Indiana
Property taxes in Fountain City, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fountain City is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Fountain City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fountain City 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 Fountain City's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47341 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Fountain City provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fountain City Tax Rate
0.62%
Average Randolph County Tax Rate
0.98%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fountain City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47341 | 0.25% | 0.39% | 0.62% | 0.85% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Fountain City, Indiana
In Fountain City, 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 Randolph 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 Fountain City, 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 Fountain City 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 47341, amounting to $907.00, which is consistent across the region.
Average Fountain City Assessed Value
$108,750
Average Randolph County Assessed Value
$87,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fountain City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47341 | $68,070 | $83,325 | $108,750 | $134,175 | $149,430 |
Source: Ownwell
Property Tax Bills Across Fountain City, Indiana
In Fountain City, Randolph County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in the area stands at $108,750. Property taxes in this region consider several factors, including the property's assessed value and the local tax rate. For instance, the tax bill for the 25th percentile is around $500, while the 75th percentile reaches $1,315. At the 90th percentile, homeowners might see tax bills as high as $1,559. These taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and public safety. The highest and lowest median tax bills in the area are both $907, indicating a uniformity in tax assessments within the zip code 47341. Compared to the national median property tax rate of 0.99%, Fountain City's tax rates provide a relatively affordable option for homeowners, ensuring that essential community services are well-funded while keeping the tax burden manageable.
Average Fountain City Tax Bill
$907
Average Randolph County Tax Bill
$890
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fountain City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47341 | $255 | $500 | $907 | $1,315 | $1,559 |
Source: Ownwell