Freetown, Indiana Property Taxes
The median property tax rate in Freetown, Indiana is 0.70%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Freetown, the typical annual property tax bill is $668, significantly less than the national median of $2,690. Property taxes in Freetown are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Freetown'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 Freetown 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
Freetown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$611
Ownwell’s Freetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freetown 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 Freetown, Indiana
Property taxes in Freetown, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Freetown is 0.70%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Freetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freetown 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 Freetown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47235 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these areas compare with Freetown provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freetown Tax Rate
0.70%
Average Jackson County Tax Rate
0.74%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freetown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47235 | 0.32% | 0.46% | 0.70% | 1.62% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Freetown, Indiana
In Freetown, 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 Jackson 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 Freetown, 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 Freetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47235 has the highest median tax bill in the area at $668, which is significantly lower than the national median property tax rate of 0.99%.
Average Freetown Assessed Value
$87,300
Average Jackson County Assessed Value
$134,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freetown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47235 | $27,820 | $55,600 | $87,300 | $143,000 | $198,960 |
Source: Ownwell
Property Tax Bills Across Freetown, Indiana
In Freetown, Jackson County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local government assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Freetown, the median home price is $87,300. Property taxes can vary significantly within the area, with the 25th percentile tax bill at $310 and the 75th percentile tax bill at $1,270. At the higher end, the 90th percentile tax bill reaches $1,989. Factors influencing the tax bill include the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. Understanding these factors is crucial for homeowners, as property taxes can impact overall housing costs. Compared to the national median property tax rate of 0.99%, Freetown's rates reflect local economic conditions and funding requirements for public services. This can make a significant difference in annual expenses for homeowners in the area.
Average Freetown Tax Bill
$668
Average Jackson County Tax Bill
$1,065
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Freetown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47235 | $162 | $310 | $668 | $1,270 | $1,989 |
Source: Ownwell