Akron, Indiana Property Taxes
The median property tax rate in Akron, Indiana is 0.68%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $114,850 in Akron, the typical annual property tax bill amounts to $821, which is significantly below the national median of $2,690. Property taxes in Akron are determined based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Akron's property tax system, exploring available exemptions, and seeking opportunities for reductions can result in substantial annual savings. Whether you're residing in Akron or investing in real estate within the city, comprehending the local property tax structure will be advantageous.
Last Updated June 14, 2024
Akron, 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 Akron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Akron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Akron 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 Akron, Indiana
Property taxes in Akron, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Akron is 0.68%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Akron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Akron 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 Akron's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46910 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Akron provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Akron Tax Rate
0.68%
Average Fulton County Tax Rate
0.68%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Akron, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46910 | 0.37% | 0.52% | 0.68% | 1.06% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Akron, Indiana
In Akron, 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 local appraisal district 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 Akron, 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 Akron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Akron's median home price is $114,850, with tax bills ranging from $437 at the 25th percentile to $2,175 at the 90th percentile. The zip code with the highest and lowest median tax bill is 46910, both with a median tax bill of $821.
Average Akron Assessed Value
$114,850
Average Fulton County Assessed Value
$110,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Akron, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46910 | $40,320 | $71,825 | $114,850 | $173,575 | $246,970 |
Source: Ownwell
Property Tax Bills Across Akron, Indiana
In Akron, Fulton County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Akron is $114,850, which offers a general sense of property values in the area. For homeowners in Akron, property tax bills can vary significantly, with the 25th percentile tax bill being $437 and the 75th percentile reaching $1,449. At the 90th percentile, the tax bill can go up to $2,175. These variances are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Akron's property tax landscape reflects both lower and higher ends, providing a diverse range of tax obligations for its residents. This system ensures that homeowners contribute to local services proportionally to their property's assessed value.
Average Akron Tax Bill
$821
Average Fulton County Tax Bill
$797
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Akron, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46910 | $255 | $437 | $821 | $1,449 | $2,175 |
Source: Ownwell