Lafayette, Indiana Property Taxes
The median property tax rate in Lafayette, IN is 0.61%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $232,050 in Lafayette, the typical annual property tax bill amounts to $1,344, which is well below the national median of $2,690. Property taxes in Lafayette are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Lafayette'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 Lafayette or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lafayette, 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 Lafayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette 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 Lafayette, Indiana
Property taxes in Lafayette, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 0.61%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafayette 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 Lafayette's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47904 zip code has the highest median property tax rate of 1.11%, while the 47905 zip code has the lowest median tax rate of 0.60%. Understanding how these cities compare with Lafayette provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafayette Tax Rate
0.61%
Average Carroll County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47904 | 1.08% | 1.09% | 1.11% | 1.13% | 1.15% |
| 47905 | 0.36% | 0.50% | 0.60% | 0.70% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Indiana
In Lafayette, 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 Carroll County Assessor 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. 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 Lafayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $1,445 in the 47905 zip code, while the lowest is $691 in the 47904 zip code.
Average Lafayette Assessed Value
$232,050
Average Carroll County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47904 | $31,620 | $43,650 | $63,700 | $83,750 | $95,780 |
| 47905 | $99,760 | $145,175 | $245,700 | $288,075 | $353,260 |
Source: Ownwell
Property Tax Bills Across Lafayette, Indiana
In Lafayette, Carroll County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The median home price in Lafayette is $232,050. The property tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood conditions, and market trends influence the assessed value. For homeowners in Lafayette, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $747, while the 75th percentile tax bill is $1,747. At the 90th percentile, homeowners face a tax bill of $2,491. The highest median tax bill in the area is $1,445 in the 47905 zip code, while the lowest median tax bill is $691 in the 47904 zip code. Compared to the national median property tax rate of 0.99%, Lafayette offers a range of tax burdens, impacting homeowners differently based on their property’s assessed value and location.
Average Lafayette Tax Bill
$1,344
Average Carroll County Tax Bill
$831
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47904 | $356 | $482 | $691 | $900 | $1,026 |
| 47905 | $443 | $873 | $1,445 | $1,941 | $2,615 |
Source: Ownwell