Freelandville, Indiana Property Taxes
The median property tax rate in Freelandville, IN is 0.35%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Freelandville at $75,200, the typical annual property tax bill amounts to $258, well below the national median of $2,690. Property taxes in Freelandville 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 Freelandville'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 Freelandville 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
Freelandville, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$263
Ownwell’s Freelandville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freelandville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freelandville 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 Freelandville, Indiana
Property taxes in Freelandville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freelandville is 0.83%, which is higher than the Indiana state median of 0.76% but still below the U.S. national median of 0.99%. Local government entities within Freelandville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freelandville 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 Freelandville's effective property tax rate to other counties in Indiana and the national median. For comparison, the highest median property tax rate in Indiana is in 46240 with a rate of 1.12%, while the lowest median tax rate is in 47987 with a rate of 0.57%. Understanding how these cities compare with Freelandville provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freelandville Tax Rate
0.35%
Average Knox County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freelandville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47535 | 0.22% | 0.27% | 0.35% | 1.04% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Freelandville, Indiana
In Freelandville, 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 Knox 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 Freelandville, 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 Freelandville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47535 has the highest and lowest median tax bill, both at $258, which is relatively modest compared to the national median property tax rate of 0.99%.
Average Freelandville Assessed Value
$75,200
Average Knox County Assessed Value
$96,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freelandville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47535 | $26,280 | $56,000 | $75,200 | $93,200 | $124,040 |
Source: Ownwell
Property Tax Bills Across Freelandville, Indiana
In Freelandville, Knox County, IN, property tax bills are determined based on the assessed value of a home, which is influenced by factors such as location, property size, and market conditions. The median home price in Freelandville stands at $75,200. The property tax rate in this region is applied to the assessed value to calculate the annual tax bill. Homeowners in Freelandville typically see tax bills ranging from $178 at the 25th percentile to $505 at the 75th percentile, with the 90th percentile reaching up to $819. Comparatively, the national median property tax rate is 0.99%, which can help homeowners in Freelandville gauge how their local taxes stack up against the national average. The highest and lowest median tax bills in the area both stand at $258, indicating a relatively uniform tax situation within the zip code 47535. Understanding these factors can help homeowners budget more effectively and anticipate their annual property tax obligations.
Average Freelandville Tax Bill
$258
Average Knox County Tax Bill
$903
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Freelandville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47535 | $131 | $178 | $258 | $505 | $819 |
Source: Ownwell