Odon, Indiana Property Taxes
The median property tax rate in Odon, Indiana is 0.63%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Odon, the typical annual property tax bill reaches $1,828, which is significantly below the national median of $2,690. Property taxes in Odon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Odon'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 Odon or another part of Martin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Odon, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,657
Ownwell’s ODON Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in ODON with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in ODON to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is the figure assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Odon, Indiana
Property taxes in Odon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Odon is 0.63%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Odon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Odon 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 Odon's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47562 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Odon provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odon Tax Rate
0.63%
Average Martin County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47562 | 0.33% | 0.55% | 0.63% | 0.75% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Odon, Indiana
In ODON, 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 Martin County Assessor's Office 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 ODON, 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 ODON helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 47562, with a median tax bill of $1828.
Average Odon Assessed Value
$263,000
Average Martin County Assessed Value
$107,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47562 | $135,520 | $185,200 | $263,000 | $312,000 | $432,440 |
Source: Ownwell
Property Tax Bills Across Odon, Indiana
In ODON, located in Martin County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $263,000, homeowners can expect their tax bills to vary. The tax bill at the 25th percentile is around $1,267, while those at the 75th percentile pay approximately $2,388. At the 90th percentile, the tax bill can reach up to $3,076. These figures illustrate how property taxes can fluctuate significantly based on the assessed value and local tax rates. Compared to the national median property tax rate of 0.99%, homeowners in ODON experience a range of tax bills that reflect the area's specific economic conditions. This variability in property tax bills can impact homeowners' budgets and financial planning, making it essential to understand how these taxes are calculated and what factors influence them.
Average Odon Tax Bill
$1,828
Average Martin County Tax Bill
$728
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Odon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47562 | $423 | $1,267 | $1,828 | $2,388 | $3,076 |
Source: Ownwell