Loogootee, Indiana Property Taxes
The median property tax rate in Loogootee, IN is 0.87%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Loogootee at $214,500, the typical annual property tax bill is $1,896, falling below the national median of $2,690. Property taxes in Loogootee are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Loogootee'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 Loogootee or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loogootee, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,866
Ownwell’s Loogootee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loogootee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loogootee 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 Loogootee, Indiana
Property taxes in Loogootee, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loogootee is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Loogootee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loogootee 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 Loogootee's effective property tax rate to other areas in Daviess County and the national median. For comparison, the 47553 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Loogootee provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loogootee Tax Rate
0.87%
Average Daviess County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loogootee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47553 | 0.51% | 0.67% | 0.87% | 1.29% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Loogootee, Indiana
In Loogootee, 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 Daviess County 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 Loogootee, 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 Loogootee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Loogootee is $214,500, with the highest median tax bill being $1,896 in the zip code 47553.
Average Loogootee Assessed Value
$214,500
Average Daviess County Assessed Value
$140,350
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loogootee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47553 | $59,040 | $124,275 | $214,500 | $308,225 | $386,020 |
Source: Ownwell
Property Tax Bills Across Loogootee, Indiana
In Loogootee, located in Daviess County, Indiana, property tax bills are determined based on the assessed value of a home, which is a percentage of the market value. The local tax rate is then applied to this assessed value. For instance, with a median home price of $214,500, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. The 25th percentile tax bill is around $951, while the 75th percentile reaches $2,925, and the 90th percentile can go as high as $4,373. These figures illustrate the range of property tax liabilities homeowners might face. Compared to the national median property tax rate of 0.99%, Loogootee's tax rates and bills reflect its unique local economic conditions. Higher tax bills can impact homeowners by increasing the overall cost of owning a home, which can be particularly significant for those on fixed incomes or with tight budgets. Understanding these factors is crucial for homeowners to plan their finances effectively.
Average Loogootee Tax Bill
$1,896
Average Daviess County Tax Bill
$1,299
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Loogootee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47553 | $437 | $951 | $1,896 | $2,925 | $4,373 |
Source: Ownwell