Farmland, Randolph County, Indiana Property Taxes

Name: Property Tax Bills Across Farmland, Randolph County, Indiana
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Farmland, IN effective property tax rate: 0.96%, slightly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Farmland, IN home value: $96,600
Median annual Farmland, IN tax bill: $993, $1,407 lower than the national median property tax bill of $2,400.

How are property taxes in Randolph calculated?

Property taxes in Farmland, IN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Farmland’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Farmland, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Farmland, Randolph County, Indiana Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.96%

Estimate Property Tax Bill

$927

$861

Ownwell’s Farmland Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farmland with just two data points. By entering your property's estimated assessed value, our calculator applies Farmland’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Randolph County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Farmland, Randolph County, Indiana

Local government entities determine tax rates, which can significantly differ across a state. This variation occurs because each county annually estimates the budget needed for services and divides it by the total value of all taxable property in its area, resulting in the property tax rate. While voting and legal processes play a role in setting these rates, this is the core of the annual procedure.

In Farmland in Randolph County, Indiana, the effective property tax rate stands at 0.96%, which aligns with the median rate for Indiana. This rate is slightly below the national median property tax rate of 1.02%. Residents in Farmland benefit from a lower property tax rate compared to the national average, which can result in more manageable property tax bills. When comparing Farmland's effective tax rate to other cities in Indiana, it remains consistent, highlighting the uniformity within the state. Understanding these rates can help property owners make informed decisions and potentially appeal their property taxes if they believe their assessed value is inaccurate.

Property Tax Rates Across Farmland, Randolph County, Indiana

Source: Ownwell

0.77%

1.22%

1.67%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Farmland Tax Rate

0.96%

Median Effective Randolph County Tax Rate

0.98%

Median Effective Indiana Tax Rate

0.99%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Farmland, Randolph County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
47340	0.54%	0.79%	0.96%	1.54%	1.98%

Source: Ownwell

Property Tax Assessment Values Across Farmland, Randolph County, Indiana

When examining property taxes in Farmland, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Randolph County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Randolph County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Farmland. For example, the median home price in Farmland is $96,600, with tax bills ranging significantly across the county. Zip code 47340 has the highest median home price at $96,600.

Property Tax Assessment Values Across Farmland, Randolph County, Indiana

Source: Ownwell

$25,250

$83,850

$142,450

Median Farmland Market Value

$96,600

Median Randolph County Market Value

$87,700

Median Indiana Market Value

$170,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Farmland, Randolph County, Indiana

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
47340	$39,480	$64,600	$96,600	$151,900	$234,480

Source: Ownwell

Property Tax Bills Across Farmland, Randolph County, Indiana

In Farmland, located in Randolph County, Indiana, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. In Farmland, the median property tax bill is notably lower than the national median of $2,400, reflecting the region's more affordable housing market. For instance, the 25th percentile tax bill is $611, while the 75th percentile reaches $1,656. These figures illustrate the range of property tax obligations homeowners might face, depending on their property's value and location within the county. Homeowners in Farmland can benefit from Ownwell's expertise in property tax appeal and exemption services. By analyzing individual property assessments and identifying potential discrepancies, Ownwell helps homeowners ensure they are not overpaying. This can lead to significant savings, making homeownership more affordable in the long term.

Property Tax Bills Across Farmland, Randolph County, Indiana

Source: Ownwell

$325

$828

$1,331

Median Farmland Tax Bill

$993

Median Randolph County Tax Bill

$890

Median Indiana Tax Bill

$1,691

Median United States Tax Bill

$2,400

Property Tax Bills Across Farmland, Randolph County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
47340	$320	$611	$993	$1,656	$2,816

Source: Ownwell