French Lick, Indiana Property Taxes
The median property tax rate in French Lick, IN is 0.63%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in French Lick, the typical annual property tax bill reaches $635, significantly below the national median of $2,690. Property taxes in French Lick are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding French Lick'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 French Lick 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
French Lick, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$682
Ownwell’s French Lick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in French Lick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in French Lick 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 French Lick, Indiana
Property taxes in French Lick, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in French Lick is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within French Lick set these rates annually, and they can vary significantly across different neighborhoods. Each year, French Lick 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 French Lick's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47432 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with French Lick provides valuable insights into the varying tax landscape across Dubois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average French Lick Tax Rate
0.63%
Average Dubois County Tax Rate
0.85%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across French Lick, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47432 | 0.27% | 0.42% | 0.63% | 1.23% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across French Lick, Indiana
In French Lick, 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 Dubois 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 in French Lick 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 French Lick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47432 has both the highest and lowest median tax bill, which is $635.00.
Average French Lick Assessed Value
$108,300
Average Dubois County Assessed Value
$177,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across French Lick, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47432 | $20,440 | $59,400 | $108,300 | $165,175 | $261,960 |
Source: Ownwell
Property Tax Bills Across French Lick, Indiana
In French Lick, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Factors influencing the tax bill include the home's market value, any applicable exemptions, and local tax rates. For homeowners in French Lick, the median home price is $108,300. The property tax bills can vary significantly, with the 25th percentile at $314 and the 75th percentile reaching $1,313. The highest median tax bill in the area is $635, found in the 47432 zip code. These figures show a range of potential tax obligations, which can impact household budgets differently. Compared to the national median property tax rate of 0.99%, French Lick's property tax obligations are relatively moderate. Understanding how these factors interact helps homeowners anticipate their annual property tax bills and manage their finances accordingly.
Average French Lick Tax Bill
$635
Average Dubois County Tax Bill
$1,568
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across French Lick, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47432 | $101 | $314 | $635 | $1,313 | $1,952 |
Source: Ownwell