Farmersburg, Indiana Property Taxes
The median property tax rate in Farmersburg, IN is 0.93%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Farmersburg at $68,650, the typical annual property tax bill is $578, which is significantly lower than the national median of $2,690. Property taxes in Farmersburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farmersburg'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 Farmersburg or another part of Sullivan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmersburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$638
Ownwell’s Farmersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmersburg 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 Farmersburg, Indiana
Property taxes in Farmersburg, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmersburg is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Farmersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmersburg 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 Farmersburg's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47850 has a consistent median property tax rate of 0.93%. Understanding how these cities compare with Farmersburg 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 Farmersburg Tax Rate
0.93%
Average Sullivan County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47850 | 0.42% | 0.60% | 0.93% | 1.61% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Farmersburg, Indiana
In Farmersburg, 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's office 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 Farmersburg, 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 Farmersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47850 has a median tax bill of $578, which is the highest and lowest in the area.
Average Farmersburg Assessed Value
$68,650
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 Farmersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47850 | $16,840 | $42,775 | $68,650 | $100,700 | $145,790 |
Source: Ownwell
Property Tax Bills Across Farmersburg, Indiana
In Farmersburg, located in Sullivan County, Indiana, property tax bills are calculated based on the assessed value of a home. The median home price in Farmersburg is $68,650. To determine the tax bill, local assessors evaluate the property's market value and apply the local tax rate. The property tax rate in this region is influenced by various factors, including local government budgets and public service needs. For homeowners in Farmersburg, property tax bills can vary significantly. The 25th percentile tax bill is around $307, while the 75th percentile reaches up to $1,116. At the 90th percentile, homeowners might see tax bills as high as $1,820. The highest and lowest median tax bills in the area are both $578, indicating a relatively consistent tax rate within the zip code 47850. Understanding these factors is crucial for homeowners as property taxes directly impact annual housing costs. Keeping abreast of local tax rates and property assessments can help homeowners anticipate and manage their financial obligations effectively.
Average Farmersburg Tax Bill
$578
Average Sullivan County Tax Bill
$721
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47850 | $167 | $307 | $578 | $1,116 | $1,820 |
Source: Ownwell