Fontanet, Indiana Property Taxes
The median property tax rate in Fontanet, IN is 1.04%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $66,650 in Fontanet, the typical annual property tax bill is $717, which is significantly lower than the national median of $2,690. Property taxes in Fontanet are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fontanet'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 Fontanet 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
Fontanet, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$693
-$7,264
Ownwell’s Fontanet Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fontanet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fontanet to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Fontanet, Indiana
Property taxes in Fontanet, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fontanet is 1.04%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Fontanet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fontanet 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 Fontanet's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47851 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Fontanet 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 Fontanet Tax Rate
1.04%
Average Vigo County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fontanet, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47851 | 0.34% | 0.60% | 1.04% | 2.17% | 3.51% |
Source: Ownwell
Property Tax Assessment Values Across Fontanet, Indiana
In Fontanet, 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 Fontanet, 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. The median home price in Fontanet is $66,650, with tax bills ranging from $373 at the 25th percentile to $2,069 at the 90th percentile. The highest and lowest median tax bills are both $717 in the 47851 zip code. 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 Fontanet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fontanet Assessed Value
$66,650
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 Fontanet, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47851 | $12,300 | $27,650 | $66,650 | $110,450 | $143,550 |
Source: Ownwell
Property Tax Bills Across Fontanet, Indiana
In Fontanet, located in Vigo County, IN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The median home price in Fontanet stands at $66,650, which serves as a baseline for calculating property taxes. The local tax rate is applied to this assessed value to generate the tax bill. Factors such as property location, improvements, and exemptions can influence the assessed value, thereby affecting the overall tax bill. For homeowners, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $373, while the 75th percentile tax bill reaches $1,288. At the 90th percentile, homeowners might see a tax bill as high as $2,069. These variations highlight the impact of different assessed values and tax rates within the region. Comparatively, the highest and lowest median tax bills in the area both stand at $717, reflecting a level of consistency within certain zip codes. Understanding these factors can help homeowners anticipate and manage their annual property tax expenses effectively.
Average Fontanet Tax Bill
$717
Average Vigo County Tax Bill
$1,148
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Fontanet, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47851 | $224 | $373 | $717 | $1,288 | $2,069 |
Source: Ownwell