Fairmount, Indiana Property Taxes
The median property tax rate in Fairmount, IN, is 1.52%, significantly higher than both the national median of 0.99% and the Indiana state median of 0.85%. With a median home value of $121,950 in Fairmount, the typical annual property tax bill amounts to $1,854, surpassing the national median of $2,690. Property taxes in Fairmount are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairmount'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 Fairmount or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairmount, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$1,854
Ownwell’s Fairmount Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmount 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 Fairmount, Indiana
Property taxes in Fairmount, Indiana, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Fairmount is 0.91%, 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 Fairmount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmount 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 Fairmount's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46928 has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Fairmount provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairmount Tax Rate
1.52%
Average Howard County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmount, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46928 | 0.49% | 0.82% | 1.52% | 2.11% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Fairmount, Indiana
In Fairmount, 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 assessment authority 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 Fairmount, 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 Fairmount 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 46928 at $974, while the lowest is also 46928 at $974.
Average Fairmount Assessed Value
$121,950
Average Howard County Assessed Value
$120,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmount, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46928 | $48,880 | $93,700 | $121,950 | $131,225 | $141,890 |
Source: Ownwell
Property Tax Bills Across Fairmount, Indiana
In Fairmount, IN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements or changes made to the property. Homeowners in Fairmount can expect a range of property tax bills. For instance, the 25th percentile tax bill is around $419, while the 75th percentile reaches $1,729, and the 90th percentile can go up to $2,137. This variation highlights the impact of property value and location on tax bills. Compared to the national median property tax rate of 0.99%, Fairmount's property taxes can be more manageable, especially for homes at the lower end of the market value spectrum. However, higher-valued properties can see significantly higher tax bills, affecting homeowners' annual financial planning.
Average Fairmount Tax Bill
$974
Average Howard County Tax Bill
$1,236
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmount, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46928 | $372 | $419 | $974 | $1,729 | $2,137 |
Source: Ownwell