Liberty, Franklin County, Indiana Property Taxes
The median property tax rate in Liberty, IN is 0.76%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Liberty at $109,600, the typical annual property tax bill amounts to $992, which is significantly less than the national median of $2,690. Property taxes in Liberty 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 Liberty's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Liberty 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
Liberty, Franklin County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$833
$773
Ownwell’s Liberty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liberty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liberty 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 Liberty, Franklin County, Indiana
Property taxes in Liberty, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Liberty is 0.76%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Liberty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liberty 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 Liberty's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47353 zip code has the highest median property tax rate of 0.76%, while the 47353 zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Liberty provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liberty Tax Rate
0.76%
Average Franklin County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liberty, Franklin County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47353 | 0.49% | 0.66% | 0.76% | 1.46% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Liberty, Franklin County, Indiana
In Liberty, 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 Franklin 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 Liberty, 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. For instance, the zip code 47353 has the highest and lowest median tax bill at $992. Being aware of these valuation processes in Liberty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Liberty, Franklin County, Indiana
Source: Ownwell
$95,750
$178,975
$262,200
Average Liberty Assessed Value
$109,600
Average Franklin County Assessed Value
$167,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liberty, Franklin County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47353 | $18,020 | $44,700 | $109,600 | $180,500 | $222,120 |
Source: Ownwell
Property Tax Bills Across Liberty, Franklin County, Indiana
In Liberty, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value typically represents a percentage of the property's market value. Several factors are considered in this assessment, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Liberty, this means that properties with higher assessed values will result in higher tax bills. For example, with a median home price of $109,600, the tax bill can range significantly. At the 25th percentile, homeowners might expect a tax bill around $545, whereas at the 75th percentile, it could be as high as $1,546. The highest median tax bill recorded in the area is $992, which is notably lower than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Liberty Tax Bill
$992
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Liberty, Franklin County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47353 | $277 | $545 | $992 | $1,546 | $1,710 |
Source: Ownwell