Lake Cicott, Indiana Property Taxes
The median property tax rate in Lake Cicott, IN is 1.43%, significantly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $55,400 in Lake Cicott, the typical annual property tax bill amounts to $429, which is still below the national median of $2,690. Property taxes in Lake Cicott 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. Gaining a thorough understanding of Lake Cicott's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lake Cicott or another part of Cass County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Cicott, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$792
Ownwell’s Lake Cicott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Cicott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Cicott 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 Lake Cicott, Indiana
Property taxes in Lake Cicott, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Cicott is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lake Cicott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Cicott 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 Lake Cicott's effective property tax rate to other areas in Cass County and the national median. For comparison, the 46942 zip code has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these areas compare with Lake Cicott provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Cicott Tax Rate
1.43%
Average Cass County Tax Rate
1.00%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Cicott, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46942 | 0.39% | 0.48% | 1.43% | 1.85% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Lake Cicott, Indiana
In Lake Cicott, 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 local appraisal district 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 Lake Cicott, 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. For instance, the median home price in Lake Cicott is $55,400, with tax bills ranging from $290 at the 25th percentile to $1,782 at the 90th percentile. The highest and lowest median tax bills both stand at $429 in the 46942 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Cicott Assessed Value
$55,400
Average Cass County Assessed Value
$79,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Cicott, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46942 | $25,800 | $37,500 | $55,400 | $82,850 | $110,060 |
Source: Ownwell
Property Tax Bills Across Lake Cicott, Indiana
In Lake Cicott, Cass County, IN, property tax bills are determined by assessing the value of a property and applying the local tax rate. The median home price is $55,400, which serves as the baseline for calculating the tax bill. Local authorities assess properties to determine their taxable value, and this assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For instance, homeowners in Lake Cicott can expect tax bills ranging from $290 at the 25th percentile to $1,782 at the 90th percentile. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in the area should be aware that their tax bills could be higher or lower than the national median property tax rate of 0.99%, depending on these variables. Understanding how these factors interplay can help homeowners better anticipate their property tax obligations and plan their finances accordingly.
Average Lake Cicott Tax Bill
$429
Average Cass County Tax Bill
$871
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Cicott, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46942 | $225 | $290 | $429 | $1,167 | $1,782 |
Source: Ownwell