Oakville, Indiana Property Taxes
The median property tax rate in Oakville, IN is 0.52%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $64,800 in Oakville, the typical annual property tax bill amounts to $303, far below the national median of $2,690. Property taxes in Oakville 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 Oakville'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 Oakville or another part of Delaware County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$337
Ownwell’s Oakville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakville 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 Oakville, Indiana
Property taxes in Oakville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakville is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within Oakville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakville 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 Oakville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47367 zip code has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Oakville provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakville Tax Rate
0.52%
Average Delaware County Tax Rate
0.99%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47367 | 0.33% | 0.39% | 0.52% | 0.86% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Oakville, Indiana
In Oakville, 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 Delaware 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 Oakville, 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 Oakville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47367 has both the highest and lowest median tax bill at $303, reflecting the uniformity in tax assessments across different property values within the area.
Average Oakville Assessed Value
$64,800
Average Delaware County Assessed Value
$101,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47367 | $29,560 | $50,100 | $64,800 | $77,400 | $113,820 |
Source: Ownwell
Property Tax Bills Across Oakville, Indiana
In Oakville, Delaware 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 Oakville is $64,800. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax amount, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $232, while the 75th percentile is $641. Those in the 90th percentile might see tax bills as high as $1,152. The highest median tax bill in the area is $303, which is notably lower than the national median property tax rate of 0.99%. These variations can affect homeowners' budgets and their overall financial planning. Understanding how these factors interplay helps homeowners anticipate their property tax obligations more accurately.
Average Oakville Tax Bill
$303
Average Delaware County Tax Bill
$1,073
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47367 | $121 | $232 | $303 | $641 | $1,152 |
Source: Ownwell