47849 Property Tax Rate

Property owners in ZIP code 47849 (Fairbanks, Indiana) pay a median of $1,143/year in property taxes on homes valued at $156,400. This translates to an effective tax rate of 0.73%, which is 5% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47849 is approximately $95, which factors into escrow payments on mortgages. This ZIP code is located within Sullivan County.

Compared to similar ZIP codes in Indiana, 47849 has lower property taxes. ZIP codes with similar effective rates include 47433 (0.73%) and 46031 (0.73%).

In Fairbanks, property taxes represent approximately 1.3% of the median household income of $85,909, providing context for the relative tax burden on homeowners in this area.

Indiana imposes no statewide cap on property tax assessments, and the Sullivan County Assessor may adjust your assessed value upward at any reassessment without statutory limitation. Apply for the Homestead Deduction and Senior Citizen Property Tax Deduction with the Sullivan County Assessor within 60 days of purchase — these exemptions can reduce your taxable assessed value significantly. File a written Assessment Appeal with the Sullivan County Board of Tax Review within the required timeframe if the assessed value does not match recent comparable sales.