Falmouth, Indiana Property Taxes
The median property tax rate in Falmouth, Indiana, is 1.01%, slightly above both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Falmouth at $97,500, the typical annual property tax bill is $923, which is lower than the national median of $2,690. Property taxes in Falmouth are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Falmouth's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you reside in the heart of Falmouth or another part of the city, gaining a comprehensive understanding of the local property tax system is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Falmouth, 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 Falmouth Property Tax Bill Calculator enables homeowners, real estate investors, and potential property owners to estimate their annual property taxes in Falmouth with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Falmouth to provide an estimated property tax bill. This intuitive tool helps you understand potential tax liabilities, making financial planning easier. If you're curious about neighborhood-level trends, scroll down for more localized information. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Falmouth, Indiana
Property taxes in Falmouth, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falmouth is 0.92%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Falmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falmouth 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 Falmouth's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46127 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Falmouth provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falmouth Tax Rate
1.01%
Average Fayette County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falmouth, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46127 | 0.46% | 0.68% | 1.01% | 1.64% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Falmouth, Indiana
In Falmouth, 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 Fayette 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 Falmouth, 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 Falmouth 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 46127, amounting to $923, which is also the lowest in the area.
Average Falmouth Assessed Value
$97,500
Average Fayette County Assessed Value
$95,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falmouth, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46127 | $10,040 | $57,500 | $97,500 | $154,300 | $295,260 |
Source: Ownwell
Property Tax Bills Across Falmouth, Indiana
In Falmouth, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the annual tax bill. Various factors such as property size, location, and condition can influence the assessed value. For instance, the median home price in Falmouth is $97,500, and property tax bills can range significantly. Homeowners in the 25th percentile pay around $351, while those in the 75th percentile face bills up to $1,390, and the 90th percentile can see tax bills as high as $3,652. Compared to the national median property tax rate of 0.99%, Falmouth's property tax rates can vary widely, impacting homeowners differently based on their property's assessed value. These tax bills are essential for funding local services like schools, roads, and emergency services, making them a crucial aspect of homeownership in the area. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Falmouth Tax Bill
$923
Average Fayette County Tax Bill
$929
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Falmouth, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46127 | $165 | $351 | $923 | $1,390 | $3,652 |
Source: Ownwell