Dyer, Indiana Property Taxes
The median property tax rate in Dyer, IN is 1.14%, which is notably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $299,200 in Dyer, the typical annual property tax bill reaches $3,268, surpassing the national median of $2,690. Property taxes in Dyer 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 Dyer'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 Dyer 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
Dyer, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$3,411
Ownwell’s Dyer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dyer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dyer 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 Dyer, Indiana
Property taxes in Dyer, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dyer is 1.14%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Dyer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dyer 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 Dyer's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46311 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Dyer provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dyer Tax Rate
1.14%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dyer, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46311 | 0.75% | 0.95% | 1.14% | 1.19% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Dyer, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dyer, Indiana. 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 Lake 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 Dyer, 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 Dyer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Dyer, the highest median tax bill is $3,268 in the 46311 zip code, while the lowest is also $3,268 in the same zip code.
Average Dyer Assessed Value
$299,200
Average Lake County Assessed Value
$187,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dyer, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46311 | $196,930 | $239,700 | $299,200 | $380,225 | $468,770 |
Source: Ownwell
Property Tax Bills Across Dyer, Indiana
In Dyer, located in Lake County, IN, 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 reflects the market value of the property, and the tax rate is applied to this value to calculate the tax bill. For homeowners in Dyer, the median home price is $299,200. The property tax rate in this region is significant when compared to the national median property tax rate of 0.99%. For instance, the 25th percentile tax bill in Dyer is $2,453, while the 75th percentile tax bill is $4,336, and the 90th percentile tax bill reaches $5,482. These figures underscore the variability in tax bills, influenced by factors such as property value and applicable exemptions. Homeowners in Dyer need to consider these aspects, as property taxes can significantly impact annual household expenses, potentially affecting decisions related to property investment and long-term financial planning.
Average Dyer Tax Bill
$3,268
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Dyer, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46311 | $1,769 | $2,453 | $3,268 | $4,336 | $5,482 |
Source: Ownwell