Mongo, Indiana Property Taxes
The median property tax rate in Mongo, IN is 0.43%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Mongo at $100,300, the typical annual property tax bill is $505, far below the national median of $2,690. Property taxes in Mongo are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mongo'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 Mongo or another part of LaGrange County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mongo, 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 Mongo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mongo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mongo 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 Mongo, Indiana
Property taxes in Mongo, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mongo is 0.43%, which is significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Mongo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mongo 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 Mongo's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46771 zip code has both the highest and lowest median property tax rate of 0.43%. Understanding how these cities compare with Mongo provides valuable insights into the varying tax landscape across LaGrange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mongo Tax Rate
0.43%
Average Lagrange County Tax Rate
0.63%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mongo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46771 | 0.25% | 0.38% | 0.43% | 1.10% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Mongo, Indiana
In Mongo, 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 LaGrange 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 Mongo, 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 Mongo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 46771, with a median bill of $505, which is also the lowest median tax bill in the area.
Average Mongo Assessed Value
$100,300
Average Lagrange County Assessed Value
$195,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mongo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46771 | $45,500 | $65,600 | $100,300 | $122,350 | $135,300 |
Source: Ownwell
Property Tax Bills Across Mongo, Indiana
In Mongo, LaGrange County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors such as property size, location, and improvements contribute to the assessed value. For homeowners in Mongo, the median home price stands at $100,300. Tax bills in the area range significantly, with the 25th percentile at $360 and the 75th percentile at $665. At the higher end, the 90th percentile tax bill reaches $1,474. The median tax bill in the highest and lowest zip codes is $505, which is below the national median property tax rate of 0.99%. These property taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated helps in financial planning and ensures they are aware of how their contributions support local services.
Average Mongo Tax Bill
$505
Average Lagrange County Tax Bill
$1,119
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Mongo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46771 | $176 | $360 | $505 | $665 | $1,474 |
Source: Ownwell