Farmersburg, Indiana Property Taxes
The median property tax rate in Farmersburg, Indiana is 1.05%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Farmersburg at $134,600, the typical annual property tax bill reaches $1,325, which is below the national median of $2,690. Property taxes in Farmersburg 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 Farmersburg'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 Farmersburg or another part of Vigo County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmersburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,413
-$14,811
Ownwell’s Farmersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmersburg 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 Farmersburg, Indiana
Property taxes in Farmersburg, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmersburg is 1.05%, which is higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Farmersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmersburg 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 Farmersburg's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47850 has the highest median property tax rate of 1.05%, while the lowest median tax rate is also 1.05%. Understanding how these cities compare with Farmersburg provides valuable insights into the varying tax landscape across Vigo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmersburg Tax Rate
1.05%
Average Vigo County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47850 | 0.72% | 0.86% | 1.05% | 1.24% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Farmersburg, Indiana
In Farmersburg, 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 Vigo 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 Farmersburg, 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 Farmersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47850 has the highest and lowest median tax bill, both at $1,325.
Average Farmersburg Assessed Value
$134,600
Average Vigo County Assessed Value
$100,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47850 | $53,800 | $93,500 | $134,600 | $170,500 | $222,500 |
Source: Ownwell
Property Tax Bills Across Farmersburg, Indiana
In Farmersburg, located in Vigo County, IN, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. For homeowners in Farmersburg, the tax bill can vary significantly. The 25th percentile tax bill stands at $826, while the 75th percentile reaches $1,930. The 90th percentile tax bill is as high as $2,780. These variations are influenced by factors such as property size, location, and market conditions. Comparatively, the median property tax rate in Farmersburg aligns closely with the national median of 0.99%. However, the actual tax burden depends on individual property values. Homeowners in this region should be aware of these factors as they directly impact their annual financial obligations and long-term investment in their property.
Average Farmersburg Tax Bill
$1,325
Average Vigo County Tax Bill
$1,148
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmersburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47850 | $517 | $826 | $1,325 | $1,930 | $2,780 |
Source: Ownwell