Oolitic, Indiana Property Taxes
The median property tax rate in Oolitic, IN is 0.76%, 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 Oolitic at $104,050, the typical annual property tax bill is $768, significantly below the national median of $2,690. Property taxes in Oolitic are calculated based on the assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Oolitic'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 Oolitic or another part of Lawrence County, grasping the local property tax nuances will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oolitic, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$791
Ownwell’s Oolitic Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oolitic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oolitic to provide an estimate of your property tax bill. This useful 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 Lawrence County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Oolitic, Indiana
Property taxes in Oolitic, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oolitic is 0.76%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Oolitic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oolitic 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 Oolitic's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47451 zip code has the highest median property tax rate of 0.76%, while the lowest median tax rate is also 0.76% within the same zip code. Understanding how these cities compare with Oolitic provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oolitic Tax Rate
0.76%
Average Lawrence County Tax Rate
0.81%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oolitic, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47451 | 0.39% | 0.52% | 0.76% | 0.97% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Oolitic, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oolitic, 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 Lawrence 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 Oolitic, 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 Oolitic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oolitic is $104,050, with the highest and lowest median tax bills both at $768 in the 47451 zip code.
Average Oolitic Assessed Value
$104,050
Average Lawrence County Assessed Value
$124,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oolitic, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47451 | $39,510 | $68,100 | $104,050 | $153,025 | $192,030 |
Source: Ownwell
Property Tax Bills Across Oolitic, Indiana
Property tax bills in Oolitic, located in Lawrence County, IN, are determined by assessing the value of a homeowner's property and applying the local tax rate. The median home price in Oolitic is $104,050, which serves as a basis for calculating the assessed value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Oolitic experience a range of property tax bills, with the 25th percentile paying around $383, while those in the 75th percentile pay approximately $1,396. The highest tax bills, in the 90th percentile, can reach up to $1,933. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Oolitic's tax bills reflect the specific economic and property value conditions of the area.
Average Oolitic Tax Bill
$768
Average Lawrence County Tax Bill
$1,042
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Oolitic, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47451 | $210 | $383 | $768 | $1,396 | $1,933 |
Source: Ownwell