Lewisville, Indiana Property Taxes
The median property tax rate in Lewisville, Indiana is 0.71%, which is considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lewisville at $220,800, the typical annual property tax bill reaches $1,570, falling below the national median of $2,690. Property taxes in Lewisville 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 Lewisville'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 Lewisville 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
Lewisville, 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 Lewisville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lewisville using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Lewisville to provide an estimate of your property tax bill. This user-friendly tool offers valuable insights into potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lewisville, Indiana
Property taxes in Lewisville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewisville is 0.71%, lower than the U.S. national median of 0.99%. Local government entities within Lewisville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewisville 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 Lewisville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47352 zip code has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Lewisville provides valuable insights into the varying tax landscape across Rush County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewisville Tax Rate
0.71%
Average Rush County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewisville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47352 | 0.40% | 0.55% | 0.71% | 0.80% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Lewisville, Indiana
In Lewisville, 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 local 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 Lewisville, 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 Lewisville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lewisville's 47352 zip code, the median tax bill is $1,570, which is both the highest and lowest median tax bill in the area.
Average Lewisville Assessed Value
$220,800
Average Rush County Assessed Value
$138,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewisville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47352 | $118,640 | $156,050 | $220,800 | $292,200 | $445,240 |
Source: Ownwell
Property Tax Bills Across Lewisville, Indiana
In Lewisville, located in Rush County, IN, property tax bills are calculated based on the assessed value of the home rather than its market value. The assessed value is determined by the local tax assessor and typically represents a percentage of the market value. Several factors influence this assessed value, including the size of the property, its location, and any improvements made to it. Homeowners in Lewisville can expect varying tax bills depending on where their property falls within the assessed value spectrum. For instance, those at the 25th percentile can expect a tax bill of around $841, while those at the 75th percentile might see bills closer to $2,496. At the 90th percentile, tax bills can soar to approximately $5,680. The highest median tax bill in the area is $1,570, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Lewisville Tax Bill
$1,570
Average Rush County Tax Bill
$1,215
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewisville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47352 | $508 | $841 | $1,570 | $2,496 | $5,680 |
Source: Ownwell