Lapaz, Indiana Property Taxes
The median property tax rate in LaPaz, IN is 0.78%, which is notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in LaPaz at $72,900, the typical annual property tax bill amounts to $458, significantly below the national median of $2,690. Property taxes in LaPaz are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding LaPaz'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 LaPaz or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lapaz, 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 LaPaz Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LaPaz with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LaPaz 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 Lapaz, Indiana
Property taxes in LaPaz, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LaPaz is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within LaPaz set these rates annually, and they can vary significantly across different neighborhoods. Each year, LaPaz 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 LaPaz's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46537 zip code has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with LaPaz provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lapaz Tax Rate
0.78%
Average Marshall County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lapaz, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46537 | 0.48% | 0.60% | 0.78% | 1.18% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Lapaz, Indiana
In LaPaz, 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 Marshall 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 LaPaz, 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 LaPaz helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in LaPaz is $72,900, with tax bills ranging from $208 at the 25th percentile to $1,414 at the 90th percentile. The zip code 46537 holds the highest median tax bill at $458.
Average Lapaz Assessed Value
$72,900
Average Marshall County Assessed Value
$139,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lapaz, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46537 | $7,500 | $40,200 | $72,900 | $100,800 | $138,600 |
Source: Ownwell
Property Tax Bills Across Lapaz, Indiana
Property tax bills in LaPaz, located in Marshall County, Indiana, are calculated based on the assessed value of the property, which is determined by the local assessor’s office. The assessed value is a percentage of the property's market value, and this forms the basis for calculating the tax bill. Various factors, such as property size, location, and improvements, influence the assessed value. In LaPaz, the median home price is $72,900, and property tax rates are applied to this assessed value to determine the final tax bill. The tax bill can vary significantly among homeowners. For instance, the 25th percentile tax bill is $208, while the 75th percentile tax bill reaches $916, and the 90th percentile tax bill is $1,414. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in LaPaz should be aware of these factors as they directly impact their annual financial obligations and the affordability of homeownership in the region.
Average Lapaz Tax Bill
$458
Average Marshall County Tax Bill
$1,216
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lapaz, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46537 | $54 | $208 | $458 | $916 | $1,414 |
Source: Ownwell