Fairbanks, Indiana Property Taxes
The median property tax rate in Fairbanks, IN is 0.98%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Fairbanks at $72,700, the typical annual property tax bill is $652, which is significantly less than the national median of $2,690. Property taxes in Fairbanks are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Fairbanks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fairbanks 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
Fairbanks, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$712
Ownwell’s Fairbanks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairbanks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairbanks 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 Fairbanks, Indiana
Property taxes in Fairbanks, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairbanks is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Fairbanks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairbanks 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 Fairbanks's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47849 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Fairbanks provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairbanks Tax Rate
0.98%
Average Sullivan County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairbanks, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47849 | 0.43% | 0.68% | 0.98% | 1.79% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Fairbanks, Indiana
In Fairbanks, 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 Sullivan 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 Fairbanks, 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 Fairbanks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47849 has the highest and lowest median tax bill at $652, highlighting the importance of understanding local property tax nuances.
Average Fairbanks Assessed Value
$72,700
Average Sullivan County Assessed Value
$68,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairbanks, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47849 | $13,390 | $35,525 | $72,700 | $119,875 | $159,270 |
Source: Ownwell
Property Tax Bills Across Fairbanks, Indiana
In Fairbanks, Sullivan County, IN, property tax bills are calculated based on the assessed value of your home. The median home price in Fairbanks is $72,700, which serves as the baseline for determining property taxes. The local tax rate is then applied to this assessed value to calculate your annual tax bill. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value and, consequently, your tax bill. Homeowners in Fairbanks can expect their annual property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $280, while it rises to $1,255 at the 75th percentile and reaches $2,144 at the 90th percentile. Comparatively, the highest and lowest median tax bills in the area are both $652, indicating a relatively stable tax environment within the zip code 47849. These tax obligations impact homeowners by influencing their overall housing costs and potentially affecting their financial planning and budgeting.
Average Fairbanks Tax Bill
$652
Average Sullivan County Tax Bill
$721
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairbanks, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47849 | $167 | $280 | $652 | $1,255 | $2,144 |
Source: Ownwell