47340 Property Tax Rate

Property owners in ZIP code 47340 (Farmland, Indiana) pay a median of $1,054/year in property taxes on homes valued at $165,000. This translates to an effective tax rate of 0.64%, which is 8% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47340 is approximately $88, which factors into escrow payments on mortgages. This ZIP code is located within Randolph County.

Compared to similar ZIP codes in Indiana, 47340 has lower property taxes. ZIP codes with similar effective rates include 46051 (0.64%) and 47177 (0.64%).

In Farmland, property taxes represent approximately 1.7% of the median household income of $61,146, providing context for the relative tax burden on homeowners in this area.

Randolph County reassesses all properties every three years, resetting your assessed value to market at purchase; monitor your assessment notice carefully after closing. Randolph County provides a Homestead Exemption and a Senior Exemption (65+) that reduce your taxable assessed value—apply with the Randolph County Assessor within 60 days of taking ownership. Request a Notice of Assessment from the Randolph County Assessor's office to verify the reassessment was performed correctly and to confirm exemption amounts.