Freetown, Brown County, Indiana Property Taxes
The median property tax rate in Freetown, IN is 0.42%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Freetown at $228,100, the typical annual property tax bill is $961, well below the national median of $2,690. Property taxes in Freetown 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 Freetown'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 Freetown or another part of Brown County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Freetown, Brown County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$958
$889
Ownwell’s Freetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freetown 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 Freetown, Brown County, Indiana
Property taxes in Freetown, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freetown is 0.42%, which is significantly lower than the Indiana state median and the U.S. national median of 0.99%. Local government entities within Freetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freetown 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 Freetown's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47235 has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Freetown provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freetown Tax Rate
0.42%
Average Brown County Tax Rate
0.43%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freetown, Brown County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47235 | 0.27% | 0.34% | 0.42% | 0.73% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Freetown, Brown County, Indiana
In Freetown, 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 Brown 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 Freetown, 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 Freetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $961 in the 47235 zip code.
Property Tax Assessment Values Across Freetown, Brown County, Indiana
Source: Ownwell
$199,850
$280,275
$360,700
Average Freetown Assessed Value
$228,100
Average Brown County Assessed Value
$234,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freetown, Brown County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47235 | $116,720 | $160,450 | $228,100 | $294,300 | $397,840 |
Source: Ownwell
Property Tax Bills Across Freetown, Brown County, Indiana
In Freetown, property tax bills are calculated based on the assessed value of your home, which is determined by local government assessors. The assessed value is a percentage of the market value of your property. For instance, with a median home price of $228,100, homeowners can expect varying tax bills depending on their specific assessed values. Factors such as property condition, location, and market trends are considered in the assessment process. Homeowners in Freetown can expect tax bills ranging from $628 at the 25th percentile to $2,354 at the 90th percentile. The median tax bill in the area is notably lower than the national median property tax rate of 0.99%. This relatively lower tax rate can provide some financial relief to homeowners, making it an appealing aspect of living in Freetown. However, it's essential for homeowners to stay informed about their property's assessed value and any changes in local tax rates to effectively manage their annual tax liabilities.
Average Freetown Tax Bill
$961
Average Brown County Tax Bill
$1,113
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Freetown, Brown County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47235 | $420 | $628 | $961 | $1,480 | $2,354 |
Source: Ownwell