Oaktown, Indiana Property Taxes
The median property tax rate in OAKTOWN, IN is 0.56%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in OAKTOWN, the typical annual property tax bill reaches $524, significantly below the national median of $2,690. Property taxes in OAKTOWN 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 OAKTOWN'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 OAKTOWN or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oaktown, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$544
Ownwell’s Oaktown Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers aiming to estimate their annual property taxes in Oaktown. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Oaktown to provide an accurate estimate of your property tax bill. This user-friendly tool helps you anticipate potential tax liabilities and plan accordingly. For those interested in more detailed insights, scrolling down reveals trends at a neighborhood level. Your property’s assessed value, determined by Knox County, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Oaktown, Indiana
Property taxes in Oaktown, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oaktown is 0.56%, lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Oaktown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oaktown 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 Oaktown's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47561 zip code has the highest median property tax rate of 0.56%, while the 47561 zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Oaktown 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 Oaktown Tax Rate
0.56%
Average Knox County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oaktown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47561 | 0.26% | 0.35% | 0.56% | 1.04% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Oaktown, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oaktown, Indiana. 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 Oaktown, 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 Oaktown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $524.00 in the 47561 zip code, while the lowest median tax bill is also $524.00 in the same zip code.
Average Oaktown Assessed Value
$97,100
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 Oaktown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47561 | $25,080 | $57,850 | $97,100 | $160,500 | $244,960 |
Source: Ownwell
Property Tax Bills Across Oaktown, Indiana
In Oaktown, Knox County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Oaktown is $97,100, and the property tax rate stands at 0.99%, aligning with the national median. Homeowners in Oaktown can expect their tax bills to vary significantly. For instance, those in the 25th percentile pay around $252 annually, while those in the 75th percentile face a bill of $1,102. At the higher end, the 90th percentile sees tax bills reaching $1,822. The highest median tax bill in Knox County is $524, found in the 47561 zip code. These variations are influenced by factors such as property improvements, neighborhood changes, and local government budgets. Understanding these elements can help homeowners better anticipate their property tax obligations and plan accordingly.
Average Oaktown Tax Bill
$524
Average Knox County Tax Bill
$903
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Oaktown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47561 | $143 | $252 | $524 | $1,102 | $1,822 |
Source: Ownwell