Ora, Indiana Property Taxes
The median property tax rate in ORA, IN is 1.14%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in ORA, the typical annual property tax bill reaches $185, which is significantly lower than the national median of $2,690. Property taxes in ORA are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding ORA'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 ORA 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
Ora, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s ORA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ORA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ORA 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 Ora, Indiana
Property taxes in ORA, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in ORA is 1.14%, which is higher than the U.S. national median of 0.99%. Local government entities within ORA set these rates annually, and they can vary significantly across different neighborhoods. Each year, ORA 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. For comparison, the 46968 zip code has both the highest and lowest median property tax rate of 1.14%. Understanding how these areas compare with ORA provides valuable insights into the varying tax landscape across Starke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ora Tax Rate
1.14%
Average Starke County Tax Rate
0.83%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46968 | 0.27% | 0.35% | 1.14% | 1.25% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Ora, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in ORA, 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 Starke County Appraisal District 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 ORA, 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 ORA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 46968, with a median tax bill of $185.
Average Ora Assessed Value
$34,950
Average Starke County Assessed Value
$132,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46968 | $4,720 | $9,650 | $34,950 | $70,025 | $86,130 |
Source: Ownwell
Property Tax Bills Across Ora, Indiana
In ORA, located in Starke County, IN, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local assessor’s office and reflects the market value of the home. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $34,950, homeowners can expect varying tax bills depending on their property’s assessed value and the specific tax rate applied. In Starke County, the tax bill can range significantly. At the 25th percentile, homeowners might pay around $110, while those at the 75th percentile could see bills as high as $353. For the top 10% of properties, tax bills can reach up to $757. These variations in property tax bills are influenced by factors such as property improvements, location, and changes in market conditions. Understanding how property tax bills are calculated helps homeowners anticipate their annual expenses and plan accordingly, ensuring they are prepared for any financial obligations tied to their property ownership.
Average Ora Tax Bill
$185
Average Starke County Tax Bill
$1,097
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Ora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46968 | $50 | $110 | $185 | $353 | $757 |
Source: Ownwell