New Lisbon, Indiana Property Taxes
The median property tax rate in New Lisbon, Indiana is 0.66%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in New Lisbon at $83,550, the typical annual property tax bill amounts to $508, well below the national median of $2,690. Property taxes in New Lisbon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding New Lisbon'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 New Lisbon or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Lisbon, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$551
Ownwell’s New Lisbon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Lisbon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Lisbon 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 New Lisbon, Indiana
Property taxes in New Lisbon, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Lisbon is 0.66%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within New Lisbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Lisbon 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 New Lisbon's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47366 has the highest median property tax rate of 0.66%, while the same zip code 47366 also has the lowest median tax rate of 0.66%. Understanding how these cities compare with New Lisbon provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Lisbon Tax Rate
0.66%
Average Henry County Tax Rate
0.91%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Lisbon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47366 | 0.41% | 0.48% | 0.66% | 1.73% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across New Lisbon, Indiana
In New Lisbon, 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 Henry 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 New Lisbon, 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 New Lisbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $508 in the 47366 zip code, while the lowest is also $508, indicating a uniform tax experience across the region.
Average New Lisbon Assessed Value
$83,550
Average Henry County Assessed Value
$106,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Lisbon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47366 | $24,520 | $48,450 | $83,550 | $100,225 | $178,480 |
Source: Ownwell
Property Tax Bills Across New Lisbon, Indiana
In New Lisbon, Henry County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in New Lisbon is $83,550. Property taxes are influenced by various factors, including the property's assessed value, local tax rates, and applicable exemptions. Homeowners in New Lisbon can expect a range of tax bills, with the 25th percentile paying around $379, while those in the 75th percentile see bills closer to $876. At the 90th percentile, tax bills can reach up to $1,438. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, New Lisbon's rates offer a competitive and affordable option for homeowners. Understanding these factors is crucial for homeowners to anticipate their financial responsibilities and plan accordingly.
Average New Lisbon Tax Bill
$508
Average Henry County Tax Bill
$960
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across New Lisbon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47366 | $291 | $379 | $508 | $876 | $1,438 |
Source: Ownwell