Laurel, Indiana Property Taxes
The median property tax rate in Laurel, Indiana is 0.73%, 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 Laurel at $111,300, the typical annual property tax bill reaches $870, significantly below the national median of $2,690. Property taxes in Laurel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Laurel'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 Laurel or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel, 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 Laurel Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Laurel with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Laurel to project your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed neighborhood-level trends, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Laurel, Indiana
Property taxes in Laurel, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 0.73%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47024 zip code has the highest median property tax rate of 0.73%, while the 47024 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Laurel provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Tax Rate
0.73%
Average Franklin County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47024 | 0.39% | 0.54% | 0.73% | 1.41% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Indiana
In Laurel, 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 Franklin 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. In Laurel, 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 Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 47024, with a median bill of $870.
Average Laurel Assessed Value
$111,300
Average Franklin County Assessed Value
$167,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47024 | $37,620 | $67,800 | $111,300 | $162,300 | $229,980 |
Source: Ownwell
Property Tax Bills Across Laurel, Indiana
In Laurel, Franklin County, IN, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The median home price in the area is $111,300. Property tax rates are applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile pay around $450 annually, while those in the 75th percentile can expect to pay approximately $1,444. At the 90th percentile, the tax bill can reach up to $2,200. Several factors influence these tax bills, including property size, location, and market conditions. Homeowners in the zip code 47024, which includes Laurel, see a median tax bill of $870. This is significantly lower than the national median property tax rate of 0.99%, making the area relatively affordable for homeowners. Understanding these factors can help residents anticipate their property tax obligations and manage their finances more effectively.
Average Laurel Tax Bill
$870
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47024 | $225 | $450 | $870 | $1,444 | $2,200 |
Source: Ownwell