Loogootee, Indiana Property Taxes
The median property tax rate in Loogootee, Indiana is 0.63%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Loogootee at $130,000, the typical annual property tax bill is $901, well below the national median of $2,690. Property taxes in Loogootee are calculated based on the tax assessed value, often less than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Loogootee's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Loogootee or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loogootee, 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 Loogootee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loogootee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loogootee 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 Loogootee, Indiana
Property taxes in Loogootee, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loogootee is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Loogootee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loogootee 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 Loogootee's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47553 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Loogootee provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loogootee Tax Rate
0.63%
Average Martin County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loogootee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47553 | 0.36% | 0.49% | 0.63% | 1.23% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Loogootee, Indiana
In Loogootee, 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 Martin County Appraisal District 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 Loogootee, 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. Martin County's median home price is $130,000, and the tax bill ranges from $450 at the 25th percentile to $2,244 at the 90th percentile. The zip code 47553 has both the highest and lowest median tax bill at $901. Being aware of these valuation processes in Loogootee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loogootee Assessed Value
$130,000
Average Martin County Assessed Value
$107,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loogootee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47553 | $27,620 | $78,500 | $130,000 | $194,100 | $272,880 |
Source: Ownwell
Property Tax Bills Across Loogootee, Indiana
In Loogootee, property tax bills are calculated based on the assessed value of a property, which is determined by the Martin County Assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Loogootee experience a range of property tax bills, with the 25th percentile paying around $450 annually and the 75th percentile facing a bill of approximately $1,460. For those at the 90th percentile, tax bills can reach up to $2,244. The median property tax rate in Loogootee is relatively low compared to the national median of 0.99%, with the highest and lowest median tax bills both standing at $901 in the 47553 zip code. This relatively modest tax burden can make homeownership more affordable, but it also means that local services and infrastructure funding may be more limited compared to areas with higher property taxes.
Average Loogootee Tax Bill
$901
Average Martin County Tax Bill
$728
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Loogootee, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47553 | $218 | $450 | $901 | $1,460 | $2,244 |
Source: Ownwell