Leroy, Indiana Property Taxes
The median property tax rate in Leroy, IN is 0.85%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Leroy, the typical annual property tax bill reaches $1,343, which is below the national median of $2,690. Property taxes in Leroy 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 Leroy'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 Leroy or another part of Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Leroy, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,255
Ownwell’s Leroy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leroy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leroy 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 Leroy, Indiana
Property taxes in Leroy, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Leroy is 0.85%, slightly below the U.S. national median of 0.99%. Local government entities within Leroy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leroy 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 Leroy's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46355 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Leroy 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 Leroy Tax Rate
0.85%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leroy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46355 | 0.31% | 0.60% | 0.85% | 1.71% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Leroy, Indiana
In Leroy, 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 Lake 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 Leroy, 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. For instance, the median home price in Leroy is $147,700, with tax bills ranging from $584 at the 25th percentile to $3,117 at the 90th percentile. The zip code 46355 has the highest and lowest median tax bill of $1,343. 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 Leroy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Leroy Assessed Value
$147,700
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 Leroy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46355 | $54,080 | $93,850 | $147,700 | $203,300 | $253,800 |
Source: Ownwell
Property Tax Bills Across Leroy, Indiana
In LeRoy, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $147,700, homeowners can expect varying tax bills. The 25th percentile tax bill is around $584, while the 75th percentile reaches $1,956, and at the 90th percentile, it can climb to $3,117. These figures reflect the range of tax burdens homeowners might face, depending on the specific valuation of their property and any applicable exemptions or deductions. The local tax rate in LeRoy is influenced by several factors, including funding needs for public services such as schools, infrastructure, and emergency services. Homeowners with properties in the highest median tax bill area, zip code 46355, pay around $1,343 annually. This variability in tax bills highlights the importance of understanding local property assessments and potential appeals to ensure a fair tax obligation. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in LeRoy to be aware of how their local rates stack up.
Average Leroy Tax Bill
$1,343
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Leroy, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46355 | $211 | $584 | $1,343 | $1,956 | $3,117 |
Source: Ownwell