Leesburg, Indiana Property Taxes
The median property tax rate in Leesburg, IN is 0.70%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Leesburg at $248,700, the typical annual property tax bill amounts to $1,695, which is below the national median of $2,690. Property taxes in Leesburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Leesburg'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 Leesburg 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
Leesburg, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,741
Ownwell’s Leesburg Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Leesburg with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Leesburg to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making financial planning easier. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Leesburg, Indiana
Property taxes in Leesburg, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leesburg is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Leesburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leesburg 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 Leesburg's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46538 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Leesburg provides valuable insights into the varying tax landscape across Kosciusko County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leesburg Tax Rate
0.70%
Average Kosciusko County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leesburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46538 | 0.43% | 0.52% | 0.70% | 0.95% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Leesburg, Indiana
In Leesburg, 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 Kosciusko County Assessor's Office 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 Leesburg, 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 Leesburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Leesburg is $248,700, with median tax bills ranging from $900 at the 25th percentile to $5,531 at the 90th percentile. The highest and lowest median tax bills are both $1,695 in ZIP code 46538.
Average Leesburg Assessed Value
$248,700
Average Kosciusko County Assessed Value
$191,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leesburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46538 | $77,910 | $144,875 | $248,700 | $415,150 | $677,850 |
Source: Ownwell
Property Tax Bills Across Leesburg, Indiana
In Leesburg, located in Kosciusko County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions are considered in the assessment process. Homeowners in Leesburg experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $900, while at the 75th percentile, it rises to $3,150. At the 90th percentile, homeowners can expect to pay around $5,531. The median home price in Leesburg is $248,700, and the median tax bill in the area is $1,695, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how property taxes are calculated can help homeowners in Leesburg plan their finances more effectively.
Average Leesburg Tax Bill
$1,695
Average Kosciusko County Tax Bill
$1,442
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Leesburg, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46538 | $474 | $900 | $1,695 | $3,150 | $5,531 |
Source: Ownwell