Oakland City, Indiana Property Taxes
The median property tax rate in Oakland City, Indiana is 0.99%, aligning with both the national median of 0.99% and the Indiana state median. With the median home value in Oakland City at $102,500, the typical annual property tax bill amounts to $1,081, which is lower than the national median of $2,690. Property taxes in Oakland City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Oakland City'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 Oakland City or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakland City, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,015
Ownwell’s Oakland City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakland City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland City 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 Oakland City, Indiana
Property taxes in Oakland City, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland City is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Oakland City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland City 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 Oakland City's effective property tax rate to other areas in Indiana and the national median. For comparison, the 47660 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Oakland City provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland City Tax Rate
0.99%
Average Gibson County Tax Rate
0.95%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47660 | 0.50% | 0.77% | 0.99% | 1.59% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Oakland City, Indiana
In Oakland City, 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 Gibson 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 Oakland City, 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. The median home price in Oakland City is $102,500, with tax bills varying significantly. For instance, the 25th percentile tax bill is $609, while the 75th percentile tax bill reaches $1,637, and the 90th percentile tax bill can go up to $2,346. Notably, the highest and lowest median tax bills are both recorded at $1,081 in the 47660 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakland City Assessed Value
$102,500
Average Gibson County Assessed Value
$136,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47660 | $35,360 | $66,900 | $102,500 | $154,300 | $207,380 |
Source: Ownwell
Property Tax Bills Across Oakland City, Indiana
In Oakland City, located in Gibson County, IN, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $102,500, homeowners can expect varying tax bills depending on where their property falls within the assessed value spectrum. For those at the 25th percentile, tax bills average around $609, while homeowners at the 75th percentile see bills closer to $1,637. The top 10% of homeowners face even higher tax bills, averaging $2,346. These tax bills help fund essential services such as public education, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Oakland City's property taxes can be considered moderate, ensuring a balanced contribution from homeowners to maintain local amenities and services.
Average Oakland City Tax Bill
$1,081
Average Gibson County Tax Bill
$1,336
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47660 | $271 | $609 | $1,081 | $1,637 | $2,346 |
Source: Ownwell